Barry Goldstein: No, and I think you know and look you’ve been a participant in these calls for many years. And you know that’s never been my go to find an excuse by blaming it on catastrophes. But Kingstone always has been compared and has a peer group to compare itself against and that’s how they report. So it’s also important to note that we got to the — almost the end of December was sitting on what looked to be a really good quarter from an underwriting perspective and then got upended by this Winter Storm Elliott. We’ve never had a freeze event in December like that. I mean, I’ve lived in New York, it’s now — look, I’m living here 70-years. We’ve never had something like that before. And you’re right, it is what it is whether you want to call it a cat loss or an attritional loss well like some of the Florida carriers call it bad weather that doesn’t reach the level of a catastrophe.
At the end of the day, money is money, losses or losses. And I appreciate your sentiment and but I hope that you can parse out the extra information if you don’t want to look at it. But like I said, since we are being compared to others and others do that, I thought it appropriate to leave that in. So I hope that
Unidentified Analyst: Okay. Got it. Thanks, Barry.
Barry Goldstein: Great.
Operator: Thank you. We’re showing no additional questions in queue at this time. I’d like to turn the floor back over to management for any additional or closing comments.
Barry Goldstein: Great. Thank you, operator, and thanks everybody for listening. We’ve all put up with a horrible 2022. Company has been materially impacted by things that were outside of our control. And our plan for €˜23 and going forward is to turn the tables, take control over the things that we can. And if it results in having to raise consumer premiums, by these material amounts of 20%, 25% like Meryl is talking about, we have to do that. And if we’re going to be confronted with a higher cost of doing business through increased reinsurance costs, our obligation is to pay claims as they come due. And if there’s left and we must purchase reinsurance in order to stay in business. So if there is less money left over after paying those reinsurance premiums and higher claims cost due to inflation, then we had to share the burden of this and not just dump it all on the policyholders.
So we had to cut commissions. We changed the overall dynamic of the company in response to these changing macro factors. This will prove through in €˜23, and like Meryl said, because of GAAP accounting and the need to earn through the heightened premiums and get the benefit of the lower commissions more of it will be seen in €˜24 and €˜23. But I think you’ll see as we report going forward, these actions are purely math. They will be represented in each of the quarterly statements as we discuss. And I think our next call is going to be in mid-May and I look forward to sharing more data with you then. So thank you all for listening in. Thanks for hanging in there with Kingstone. And I hope that you remain as good and loyal shareholders.
So thank you again. Have a great day.
Operator: Ladies and gentlemen, thank you for your participation. This concludes today’s event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.
