But our focus, again, broadly speaking, in Marsh’s business is about bringing the entirety of the market, all solutions that are out there, whether they’re standard market or admitted market solutions or non-admitted solutions. We want to have the flexibility to do that, and that’s what we do to make sure that we can protect and bring the best solutions to our clients. Hopefully, that was helpful.
Operator: And our next question comes from the line of David Motemaden with Evercore ISI.
David Motemaden : Thanks, good morning. John, in the press release, you mentioned continuing to make investments for the future in this quarter. I’m just wondering if there was an acceleration in some of those investments this quarter, particularly in RIS? And if so, if you could walk through the nature of them and how we can think about the future revenue contribution?
John Doyle: No, I don’t — thanks, David. I don’t see it as an acceleration in the quarter. Certainly, on a GAAP basis, in the quarter, expense growth was impacted by M&A, restructuring, but also FX. And even on an adjusted basis, obviously, FX played a role there. But as I said earlier, we’re trying to balance delivering today and investing for the future. We’re not trying to optimize margins in a particular quarter or for that matter, in a year. We’ve got a track record, a disciplined track record of growing revenue faster than expense, but we’re not going to do it in every quarter, in every business, and every quarter. And so, we see right opportunities to make investments that we think are going to create opportunities for us to deliver value for our clients. We’re going to make them.
David Motemaden : Got it. And then just on the Marsh Global Pricing Index, I guess I’m wondering just if we’re seeing an acceleration in some of the casualty lines, excluding workers’ comp and excluding financial lines, if you’re seeing an acceleration there, it sounded like on the reinsurance side, there’s a bit more discipline that’s entering the market given some social inflation concerns. I’m wondering if you’re seeing any signs of that in the primary market?
John Doyle: Yes, it’s not a market. I would suggest it’s really a collection of markets. And what we saw in the third quarter was, on average, pretty similar to what we experienced in the second quarter. I would note, as it relates to our income statement, we have different levels of commission exposure to different products, right? So, it doesn’t always add up to the same amount. But it’s a mixed market, and maybe I’ll ask Martin to share some thoughts. And just to remind everyone, it’s our role is to get the best solution for our retail clients in the marketplace. And we have a role as a market maker, too. And so, we’ve done a few things as a market maker to try to bring more efficient financing solutions to our clients. Martin?
Martin South : Yes, I agree with that, John. That’s our job. Just to level set, we’re in the 24th consecutive quarter of rate increases. We’ll release our survey in a couple of weeks’ time. And I don’t think we’re at an inflection point when it comes to pricing. The pricing cycles we’re seeing across the different geographies and product lines are beginning to show a mix of strengths and weaknesses depending on the combination. The third quarter Casualty grew at 3%. It grew in 3% the quarter before and the quarter before — and the quarter before. So, we’re not seeing an acceleration. But I would say we’re hearing a lot more talk from carriers about pressures on pricing and social facing and some of the nuclear verdicts that are out there, and we’re keeping our clients closely posted on those.
