Frank D’Orazio: Yes. Good question, Brian. So right now, we just tried to increase certainly communication with the overall staff. We’re watching retention very closely, trying to be flexible just relative to our work environment and making sure people understand what’s going on with the strategic review, what it means and what it doesn’t mean. So, I look at it on a monthly basis and monitor it very closely. I think the Company has done a good job of putting retentions in place, not just in the last couple of months per se since the events of Q3, but over the last couple of years as well to really kind of identify the next wave of leadership at James River and make sure they know how the organization feels about them. So, it’s definitely a point that we speak about a lot as a management team and with our Board.
Operator: Our last question comes from the line of Meyer Shields with KBW.
Meyer Shields: Just a couple of questions. First, I guess, Frank, when you talk about the various underwriting changes that have been made in the book, I understand that those would lower loss exposure. What’s the impact on loss trend for the business that you’re still writing compared to lose on older line?
Frank D’Orazio: The impact on loss trend for the business that we’re still writing?
Meyer Shields: Right. The loss trend of both these changes lower than the proceeding book?
Frank D’Orazio: So again, we look at loss trend on an annual basis, stay very close to it and have just finished our analysis relative to our view for ’24. I would say there’s nominal change on the portfolio overall, like I said, the net sum of our change in view from ’23 to ’24 for both loss trend as well as exposure trend is less than 0.5 point and that would certainly include the product lines that you’re talking about.
Meyer Shields: This is a little bit of an inpatient question before we get the 10-K, but I was hoping to get the updated E&S accident year loss ratio for 2020 outlook right now.
Frank D’Orazio: Meyer, I just want to make sure we’re answering your question correctly, the updated…
Meyer Shields: Loss ratio for 2020. Would you talk about the cumulative rate impact. And I’m just wondering what the number is that’s analogous to [61.9% for 2020 basis].
Frank D’Orazio: For 2020, the updated loss ratio is 60.4%.
Meyer Shields: And then last question on the outlook side. So I guess, Sarah, how should we think about the net to gross ratio in Specialty Admitted in 2024?
Sarah Doran: Yes. That’s a good question, Meyer. I think it would be — we’ve talked about this business a lot. Obviously, it’s fairly lumpy in terms of what’s on the come, et cetera. I think it’s — the fourth quarter retention is a very solid place to start when I think about what we have in the pipeline and what the plan is for 2024.
Operator: [Operator Instructions] There are no further questions at this time. Mr. Frank D’Orazio, I’ll turn the call back over to you.
Frank D’Orazio: Thank you. I want to thank everyone for their time today and for the questions we received this morning. We look forward to speaking with you all again in a matter of a few weeks to discuss our first quarter results. Thank you, and enjoy the rest of your day.
Operator: This concludes today’s conference call. You may now disconnect.
