Ned Rand: Thanks, Kevin. I want to emphasize two things that Kevin — one thing that Kevin referred to in the impact, I think it has in two different places. We do have a shorter tailed business than most of the work comp industry and I think that causes us and allows us to recognize trends faster than a lot of the industry. The other thing that it does though by closing clients in a high inflation environment is, we avoid the compounding impact of inflation over a long period of time because we’ve been able to close the claims. And I think those are both really important factors as we look at our business.
Mark Hughes: Thank you very much.
Ned Rand: Thanks, Mark.
Operator: Our next question comes from Paul Newsome with Piper Sandler. Your line is open.
Paul Newsome: Good morning, thanks for the call. I wanted to ask a little bit about the core price increases on your medical practice or personal liability business, 6% seemed a little low given what we’ve described as a pretty high inflationary rate and is that enough to get you to a place where we can move the effective tactical margins into better or you just sort of holding still from a margin perspective, in your core business.
Ned Rand: Yes, Paul, thanks for the question. I think one of the things that it doesn’t just get reflected in that rate increase is the other actions we’re taking as an organization and they’re around just the re-underwriting of the book on the business that we’re walking away from and especially in our Specialty business kind of the restructuring of some of the terms and conditions on the E&S business in particular. When you put all that together and then you compound the rate increases that we’ve been achieving over the last three to four years, we feel like we are getting beyond trend and making incremental improvement in the underwriting results, but it’s not going to turn as fast as it did in the early 2000s, where we’re getting 30% and 40% rate increase, that’s just not the market we live in today.
Paul Newsome: Is that same through on your workers’ comp business? Do you think you are raising rates faster than the underlying claims inflation rate as well or..?
Ned Rand: Well, I think we are – yes, and maybe, Kevin can chime in, but we — we are not raising rates in comp right now. Rates are coming down in comp, but we think we’re controlling the way they are coming down and have been controlling the way they’ve been coming down over the last number of years. I think when you look at kind of rating bureau indications and Kevin will correct me when I go straight here, but we’re on eight or something years of rate reductions in the work comp market, and if you just choke those indications, rates in the ProAssurance book would be far lower than where they are today. As an individual account underwriter using a lot of underwriting adjustment, we’ve held against a lot of that declining trend. We do recognize that the decline and loss cost justifies the decline in rate, but we’re holding where we think we need to hold. Kevin, I may have misstated some of that, anything you’d add?
Kevin Shook: No, nothing to add, Ned.
Ned Rand: All right, thanks.
Paul Newsome: Thank you for the help, as always appreciate
Ned Rand: Thanks, Paul.
Operator: Your next question comes from Bob Farnam with Janney. Your line is open.
