Scott Heleniak: Yes. Good morning. I just had a few quick ones here. I wanted to ask about the other services unit that had higher revenues than normal. And I don’t know if there’s anything related to ILS or performance fees or anything in there. So, it was higher revenue and then higher operating income. Just trying to kind of break down what’s going on there, just to look at what’s — any kind of unusual or non-recurring type items to get kind of a run rate there, if you have any additional color on that?
Brian Costanzo: Sure. And there’s tables that will sort of break some of that detail out, Scott. So I mean, the — I probably touched on some of the more unusual one-off nonrecurring items, like gains from the disposition of businesses or like — moves. On the core operating earnings, driven more by our State National program services side and that’s linked to just the profitability of that business. On the fund management side, I commented on sort of expenses — revenue trends with regards to the sale of MGAs being in the period last year versus this year. Broadly speaking, our fund management operations are slightly profitable on the cat side — property cat side, offset by being slightly unprofitable where we’re investing in sort of the climate and specialty space. But most of what you’re seeing in that space is coming through the strong performance on our program services side.
Scott Heleniak: Okay. And then the — you mentioned the property rate increases, which is everyone’s been talking about that that’s improving. So, I know on the reinsurance side, but on the insurance side, is that something you’re going to have a significant appetite to start ramping up? How are you feeling about the property side of it, given where pricing is now?
Jeremy Noble: Yes. We worked really hard in the last few years to reduce — so property has multiple stories to it, right? I mean there’s obviously the catastrophe side and sort of the non-catastrophe side. We worked really hard over the last few years to manage our total aggregate exposure to natural catastrophes, our PMLs in that space. And I don’t think we’re going to change or revisit that position to any great extent. But we do play in that space. We do have a meaningful property portfolio. We will benefit from the rate increases in our property portfolio, where we deploy capacity without a doubt. We can see and strategically grow in that area a little bit. And I think we’ll also benefit from even on the attritional side, it’s what’s happening in the rate increases.
So, we’re really focused on sort of managing our aggregate exposure. We’ll opportunistically use this as a time to optimize our portfolio. I would not anticipate or expect any significant change in our underlying strategy with regards to property.
Scott Heleniak: Okay. That’s what I figured, but I also figured I’d ask. The other question is switching gears a little bit, just on the venture side, pretty strong quarter in terms of revenue and bottom line. Any areas of strength you can call? I think you had mentioned construction in there, but anything else you can call out? And then, also in terms of just — it seemed like the profitability was much better than it had been in the past few quarters, and I don’t know if there’s anything that drove that just kind of rate increases and maybe cost manager or anything else that’s kind of played out there?
Tom Gayner: Well, what I would call out is try to get a restaurant reservation, try to get a flight, try to get a hotel room, try to buy a car. And the economy is doing pretty well. The demand is out there. And I just think our managers do a very good job of running their businesses. And fortunately, no, it’s not some cost-cutting program or regime or big layoffs or anything like that. We don’t have that going on. We have people who run their businesses every day, and they’re pretty good at it.
