Mark DeVries: Okay. That’s helpful. And I know €“ I think in the past, Mark, you’ve also expressed interest you thought about diversification in consumer credit-related businesses. Is that something that’s still kind of on the table? Are you going to be really focused on those continuing to execute within the MI business and building out this new title venture?
Mark Casale: Yes, I would say for the foreseeable future, we’re going to be digging into title a lot. So, not that that’s off the table. Remember, we really have €“ when you think about the core business, we have Essent Re, which continues to grow. Title is kind of our third kind of area. I would say around the consumer credit and analytics, most likely, if we were to make an investment there would be via the Ventures group, right? So that’s kind of teed up to do direct investments, but I would say, for the foreseeable future, we are going to be pretty focused on that title.
Mark DeVries: Okay. Makes sense. Thanks.
Operator: Your next question comes from the line of Rick Shane from JPMorgan. Your line is open.
Rick Shane: Thanks for taking my question. Just really one thing. You recently completed the negotiation of your 2023 quota share agreement, I am curious in your conversations with the panel of reinsurers, how investors in the space are looking at the outlook for ’23. Do you think that it is coherent with your views or connect €“ in line with your views? And how do you feel about pricing?
Mark Casale: Yes. I mean it’s €“ I think in speaking with the reinsurers, we actually had one of the large brokers in the office, I think in the last three or four weeks to kind of give us a deep dive just on that market or at least an update on that. We feel pretty good about the market and I would say I thought the sustainability of reinsurance, Rick, both with reinsurers and with the capital markets. The pricing is going to ebb and flow, right? So we paid a little bit higher pricing on both over the past 12 months, but if you think of us three or four years before that, we’ve had excellent pricing. So it’s really the sustainability in those markets are going to remain open. I think we feel pretty confident on both. The reinsurer market is really now, even though they’ve had hardening on different parts of the business, they clearly look at mortgage is kind of countercyclical to that and good diversification and what happens with these reinsurers, they continue to invest in teams.
It becomes like another business line. So we believe it’s pretty sustainable. And again, the pricing is going to go up and down depending on the market or their views on credit, just like we have our views on the front end. So, again, I think the pricing is adequate, sustainability is very good and just to throw in there, on the Essent Re side, we’ve been kind of €“ we’ve been fortunate to €“ we’ve been able to capitalize on that increased pricing. So we wrote the most business that we’ve had ever in 2022 and we’re able to move up the capital structure. So we’re able to get more premium for less risk, which is always a nice trade-off to get. And then just finally, just in terms of reinsurance, Rick, I just think if you think €“ we’re five years into this programmatic reinsurance and it’s still around.
