Rick McCathron: Yeah, Yaron. This is Rick. Just to add to that and really with one of the previous questions, if you really think about when we started the work on reducing volatility in the portfolio, we actually started that work in 2022, and so we significantly reduced the volatility in 2020 — from 2022 to 2023. Just 2023 was a horrible first half and a horrible hail season. So we hadn’t made all — we hadn’t benefited from all of the actions that we had already been taken. So now as we look forward to 2024, we have all of the 2022 actions already in the portfolio. We have a portion of the 2023 actions that Stewart mentioned that we started in October, as a result of our Q2, partially in and then they’ll be fully in to the portfolio by the end of 2024. So we’ve got a stacking effect of two different years’ worth of efforts to get us highly confident in, in our projections.
Yaron Kinar: And the loss ratio impact should be even more pronounced, right, because of the premiums earned components continue to grow?
Stewart Ellis: I think, yes, that’s right, because we’ll be retaining more of the attritional or that’s the premium associated with the attritional losses.
Yaron Kinar: Okay. And then, I guess going back to revenues for a second. So in the Services segment, the guide there is for a bit of a reduction in growth relative to where you were in 2023. And I understand it’s a very, very young business that you’re still ramping up. So I guess on the one hand, I could say maybe you have a larger base and growing off of that base is more challenging. On the other hand, it’s so young and so, in ramp up mode. So why shouldn’t we see the same level of growth as we saw in ‘23, if not better, when we look at ‘24?
Stewart Ellis: Yeah. Yaron, that’s a great question. I think it gives us an opportunity to clarify maybe one of the drivers that’s going on that, that should be clear to everybody, but because we have some eliminations in the numbers between segments may be a bit confusing. So one of the headwinds for our Services segment is the pullback and the pause in underwriting that we’ve had at HHIP. So our Service business sells policies that are third-party carrier policies and it also sells HIPO Home Insurance policies. And so the third-party business is the primary driver of growth in the fourth quarter of 2023. It will continue to be the primary driver of growth, as we move into 2024 in the beginning of the year. When we start to reopen some of the segments of our HIPO Home Insurance policies that Rick mentioned, then you’ll start to get a tailwind effect from that.
But the Services business grew 20% TGP year-over-year in the Q4 despite the fact that we had paused most of the Hipo premium. So I actually look at the Services business and the growth that we’re seeing there as a bright spot. When you understand that there was a headwind associated with the HIPO Home Insurance Program pause.
Yaron Kinar: Makes sense. Thanks for the clarification.
Stewart Ellis: Absolutely.
Operator: Thank you. At this stage, we currently have no further questions. So I’ll hand back over to Rick, CEO, for any closing remarks.
Rick McCathron: Great. Well, thank you very much for your attention. We look forward to chatting with you next quarter. Have a good day.
Operator: Ladies and gentlemen, this concludes today’s call. Thank you for joining. You may disconnect your lines.
