Adam Pollitzer: Look, it’s a — I’d say we’re certainly encouraged by the broad resiliency that we’ve seen in the macro environment and the housing market. For reserving purposes, though, we’ve always aimed to take what we would say is an appropriate, but also appropriately conservative view. And so in practice, this means that we generally anchor more to downside scenarios when setting our position and that remained the case in Q2. We did, in fact, though, factor for the resiliency that we’ve observed in the macro environment and housing market year-to-date. But we balance that by the need to still maintain a conservative stance and reflect some of those risks that I talked about that we still see on the horizon. And so at June 30, what that meant is that we moderated our expectations for economic strain and house price declines going forward in our reserving analysis. But we didn’t fully remove, what I would call, a stress bias from our work.
Bose George: Okay. That makes sense. And then just switching to the ILN market. It looks like one of your peers is in the market with the deal. Is that market starting to look better in terms of potentially reentering for you guys?
Ravi Mallela: What I would say is that it’s certainly — we’re encouraged by seeing the ILN market rebound and certainly having one of our folks in the industry, in the market, the first in September. That’s very — it’s very exciting for us. And certainly, we feel that it’s nice to see the market healing a little bit. When we think about the state of the reinsurance markets, and we’re happy to do the most recent XOL, we think capacity has been available broadly in the market. It’s been constructive on constructive terms. In particular, our XOL, we had new reinsurers come into this latest XOL. And pricing and risk appetite has been wider than points in the past and not every reinsurer is sort of back in the market. But we were happy to execute the deal. It’s a competitive deal on attractive terms and certainly reflects an efficient form of PMIERs capital.
Adam Pollitzer: Yes. These are all favorable developments, right? Our ability to continue executing on favorable terms in size and with speed in the traditional reinsurance markets. And we’ve noted a deal as well that you touched on, and that’s a constructive one. To see a market that we have value and we’ve accessed meaningfully in the past rebound constructively, it gives us more optionality and gives us additional outlets, which is valuable as we go forward.
Operator: Next question will come from Geoffrey Dunn with Dowling.
Geoffrey Dunn: First question, was there an opco dividend up in the quarter?
Adam Pollitzer: Yes, there was. We distributed $98 million of ordinary course dividends from NMIC, the lead operating subsidiary up to the holding company during the quarter.
Geoffrey Dunn: Okay. And then with respect to the assumptions in your loss provisioning, I think you were taking a very conservative stance on home prices. What are you now thinking as you look forward in your assumptions?
Adam Pollitzer: Yes. So Geoff, we’ve never specifically outlined the underlying assumption. But suffice it to say, while we have moderated our expectations for what strain might look like, we have still embedded our — maintained our stress bias in the analysis.
Geoffrey Dunn: Okay. And then last question, I don’t know the details on this, but Enact just announced the formation of a Bermuda subsidiary to help the CRT business. Is that something that management and the Board have ever discussed the strategy for National or something that you think could be kind of within a 3-year strategic plan for National?
