And I think all of those things are things that we are looking at carefully. But I think the platform that we’ve built and the scale that we have puts us in about a stronger position as one can be going into the renewal.
Brian Meredith: Great. That’s helpful. And then my second question, of the $2.7 billion-plus premium that is coming in. I think Bob you kind of alluded to this, but how much of that do you believe are like a percentage will sit on your balance sheet versus going to your third-party capital vehicles?
Robert Qutub: When I said we just did. That’s the email I got before coming into the call. So — which I have to say I’m extraordinarily proud of the team to be able to turn this around that quickly. I can tell you we are shifting not only Validus, but RenRe’s risk-sharing to optimize DaVinci, Fontana, and all of our own balance sheets. So it’s not as simple of a question of saying we’re going take 50% of the property cat from Validus and move it. We’re actually shifting what is coming from RenRe Limited as well. I would say the overall — Fontana will grow, DaVinci will grow by a smaller percentage, RenRe will drop its percentage share with DaVinci and Fontana with ballpark be 50-50. So that’s without reading the email. So more to come on that, but that’s about where we think the optimizations will lie.
Q – Brian Meredith: Great. Do you anticipate raising some more capital in the third-party DaVinci to handle the Validus portfolio. I mean, obviously as AIG coming in, but more than that.
Kevin O’Donnell: Well, we’ve got retained earnings in AIG coming in. I think again, this is a control that we — that is — it’s a lever that’s in our control. And I think if you look at the capital generation at limited, and then what’s going to be generated at DaVinci, Fontana, and then the other vehicles. I think we’re going to hold relatively flat on additional raises with DaVinci, may be a little bit more in Fontana.
Brian Meredith: Thanks for answers.
Kevin O’Donnell: Yes. You’re welcome.
Operator: Thank you. That does conclude today’s Q&A portion. I would now like to turn the floor back over to Kevin O’ Donnell for any additional or closing remarks.
Kevin O’Donnell: Well, thank you. I would say that the last few days have probably been my proudest and most exciting days at Renaissance. We’ve seen the Validus portfolio come over. We are delighted to welcome the new team, every diligence we did reaffirmed the quality of the portfolio and the opportunity to bring shareholder value. We’re looking at accretive markets in 2024. And I think we are in a very enviable position as we think about servicing our clients and bringing shareholder return over the course of 2024. So thank you for your time and we look forward to reporting back.
Operator: Thank you, ladies and gentlemen. This concludes the RenaissanceRe third Quarter 2023 earnings call and webcast. Please disconnect your line at this time and have a wonderful day.
