On the sectoral side, public sector, which is quite present in the Middle East, our communications, media and technology practice followed by banking, followed by transportation and services. So again, quite a wide array of industry sectors there. And maybe just an interesting case study on the industry side would be our private equity, private capital practice. Clearly, it’s not been a great deal environment. But that practice has been doing quite well, driven by portfolio company work. And over the last few years, I’ve said a few times and have been asked questions about our offerings through the cycle, which we’ve been seeking to broaden our economic research practices grew strongly, our digital team, our restructuring practice, which is nascent, grew very strongly.
Our work on performance transformation with clients, which is more of a tough economic environment offering as well as our people in organizational performance work where we do a lot of collaboration with Mercer. So ultimately, I’m optimistic in our long-term growth prospects, but we continue to plan for mid to high single-digit growth over the longer term. And our pipeline is looking in line with that at this moment.
Operator: And our next question comes from the line of Mike Zaremski with BMO Capital Markets.
Michael Zaremski: Good morning, thanks. I guess just a follow-up to the last question about kind of global growth. So, Marsh’s growth clearly records high levels. I feel like historically, there’s been more of a correlation between growth and nominal GDP. If you do agree with that, it just feels like there’s been a decoupling of that relationship recently and a good way for you, obviously. And just curious if there’s anything structurally permanently that’s changed? Or is it — are there kind of temporary phenomenon with tires? Or anything you want to call out if you agree with the premise of my question.
John Doyle: Sure, Mike. What I would say is it is a volatile macro environment, certainly, both the economy and geopolitically, as I mentioned before. But I do believe nominal GDP is a better indicator of demand over time and with inflation, tight labor markets and pricing positive in the P&C market, those macro factors are certainly supportive of growth. But what I would also say is we’ve been working very hard to shift our mix of business to better growth markets over time. A handful of examples, M&A, of course, the middle market at both Marsh and Mercer. ROCIO business we’ve been investing in. We have invested organically and inorganically throughout Asia. And then more broadly, we’ve invested in talent, sales operations, and our client engagement model. So, we believe we’re a better growth business and better positioned. And while, again, that macro environment is quite volatile, we’re confident in our ability to perform over economic cycles.
Michael Zaremski: Okay. That’s helpful. If I could ask a follow-up, and hopefully, it’s not out of left field, but there’s been a chatter in the media and at a recent wholesale conference about potentially some of the larger brokers getting back into the wholesale business. I’m not sure if you want to comment on that or can. But maybe you can at least offer some perspective on why Marsh doesn’t have as big of a wholesale presence relative to just its market share of non-wholesale insurance?
John Doyle: Yes. Sure, Mark — Mike, excuse me, I’m happy to comment. I mean, first of all, I would say that the E&S market volumes historically have moved with pricing cycles. I think given the volatile risk environment, I suspect that E&S market volumes will be more durable than they’ve been historically. Underwriters are looking for flexibility. And third-party wholesalers can give us access to certain markets. At the same time, we access some E&S markets directly today. And so — in terms of third-party wholesale, I think we’d have to be thoughtful about whether or not we would be a good owner. We do have a business in Victor that does a lot of business with independent really small commercial Main Street agents. That’s a marketplace we can serve and do serve today with solutions.
