Dan Lukpanov: Thanks. Interesting. And I’m not sure to which extent you guys track this, but just curious how your loss ratio profile compares between the classic cars and collectible cars or enthusiastic cars, if you will. And I get that you probably try to price them so they’re a level, but maybe in terms of volatility, do you see the loss ratio in collectibles, for example, being more volatile in a classic portfolio?
McKeel Hagerty: No, well, thank you. Obviously, our — the main business, the biggest part of our business is in that kind of classic collectible car, real vintage cars. And the beauty of it is the stability of it. It’s not volatile at all. The underlying physical damage loss ratios remain really very steady. And in fact, this year returned to our historic levels. And on the liability side, which we had discussed in previous calls had some worse results last year largely due to, several years of liability claims coming through due to the pandemic in a one year period of time. Those two have been landing really right on expectations. So this is a steady, steady book of business when it comes to loss ratio and anything that would look like volatility. And I think that’s proving out this year very nicely.
Dan Lukpanov: Yeah. Definitely, particularly given the severity trends that we’ve seen this year, but I’m clear on the classics, but how about collectibles? I know you have a small market share in that segment, but just curious if the loss ratio profile, there is similar to classics at all. And now do you –
McKeel Hagerty: I just want to make sure I’m understanding the question. So, yeah, I mean, the way we look at it and the way we’ve talked, we spent a lot of time talking about our total addressable market, we make a differentiation between vehicles pre-1981, and all of those 1981 and earlier are, we call classic or collectible cars, kind of vintage collective cars. And that’s the big stable book. The newest part of our business is in this post 1981 vehicle segment. And we’re seeing more and more and more of that from a consumer demand standpoint. A lot of our new business volumes are coming from that segment. And while we have a lesser penetration there in that larger market, it’s mostly because it’s we’ve been in business for almost 40 years.
And so the bulk of the business that big renewing book every year is that older classic collectible. We refer to this newer segment generically has enthusiast vehicles. So that is not a word that is used out in a car world to refer to anything. We use it. It doesn’t, no one want to say, hey. I have an enthusiast car. So, for us we refer to that as enthusiast vehicles, and it too is performing very, very well. Of course, post 1981, these vehicles are, not as new as we might think sometimes. So, we’re happy with both of those segments. I hope that answer. I’m just trying to clarify terms.
Dan Lukpanov: Yeah, that’s helpful. Thank you.
Operator: [Operator Instructions] Next question comes from Pablo Singzon with JPMorgan. Please go ahead.
Pablo Singzon: Hi. Thank you. So the first question is to what extent is Hagerty’s ability to write the business implements by disruption in the broader personalised market price, whether it’s customers seeing large increases under renewals or insurers not going through the right business in certain states.
Patrick McClymont: Hey, Pablo. It’s Patrick. Hope you’re doing well. So I just want to make sure I got it. So I think you’re asking, it’s a challenging broader market for standard auto and what implications that has for our ability to write new business —
Pablo Singzon: To the extent that you partner with these institutions, and you might use the same distributors, right, recognizing that you have a different book, but there is some — there’s still some interconnection there.
