Kevin O’Donnell: It’s a great question. It will come throughout the course of 2024. I think it’s too early for us to put a number on what’s available. I think the one important point I would highlight is, new demand will come at the more remote layers. People will top-up their programs, I think it will be continue to be difficult to reduce retention. With that, there’ll be more peak exposure coming. So, there’ll be some — some additional supply constraints, just because of the concentration, which will add to the overall positive rate environment. So, I feel we are in a good position with Validus portfolio coming on, with our capital position, with Premier, with Top Layer play into this is quite specifically. And it should help the overall portfolio, but it’s difficult to calibrate exactly how much of that demand will come into the market, but it will be our expectations it’s in the billions, single-digit billions.
Elyse Greenspan: Thank you.
Operator: Thank you. Our next question will come from Yaron Kinar with Jefferies. Your line is open.
Yaron Kinar: Thank you. Good morning. And I guess, maybe a follow-up on the last question, sticking more on the supply side. So, are you — I’m trying to understand, we haven’t seen new entrants in ILS still seems to be holding back, but at the same time, you’re talking about 25% return, it’s actually depressed given the Validus capital because that was waiting to be deployed into Validus. So, if I look at that and think about others that are also generally 20%-plus returns right now, that does suggest what a good $60 billion do more of generative capital by incumbent reinsurers over the course of 2023. So I guess my question is, do you think that additional supply will still not exceed incremental demand over the course of 2024.
Kevin O’Donnell: It’s a really good question. The demand is not proportional to the portfolios that are already built. So demand is — the demand that’s likely to come to the market, which would be the pull on the additional supply that you referenced from retained earnings is going to on balanced portfolios, because it’s going to be peak driven, because that’s what primary companies need to protect. So that capacity — that supply can tamper some of the demand or need some of the demand, but it’s not — it cannot all be deployed against what is likely to come to the market, which is those top players. If you look at what we did this year, that is exactly why we bought Validus. So we raised the money over the summer. And what we said is, that money will be fully deployed, which happened yesterday.
Our portfolio is 100% diversified, similar to what it was prior to that and fully deployed, which is not something that can be achieved in the short-term by growth. So, I think when I — when we look at this the expectation of how the market is going to change in 2024 is consistent with our forecast and our strategy to buy Validus [indiscernible] against diversified basis against the capital raised, I think it’s even more important to point out recognizing where we are in the market.
Yaron Kinar: Got it, thank you. And then maybe shifting gears to investments. So, Bob. I think you’d referenced $260 million of expected retained NII in the fourth quarter. Does that contemplate the reallocation of the investment portfolio. Obviously, you are holding a lot of liquidity and risk-free essentially waiting for the Validus deal to close. How quickly can you reallocate that into maybe a more — in-line with longer-term expectation investments and how much of a lift do you get from that?
