Brian Meredith: Okay. I just want to clarify that. So it’s on your balance sheet, great. And then the second question, I’m just curious, on Florida, as we look at the six-one renewals — does any of the legislative changes make your appetite there any better? Or is it purely just what’s going to happen with rate and pricing in that market?
Kevin O’Donnell : I’m pleased that they’re taking steps to improve the health of the Florida market. At the margin, it’s beneficial. It — thinking strategically as to how we’re going to position the book will not change our appetite in Florida, specifically because of that rate, attachment and other opportunity will be the drivers in how we structure the portfolio.
Brian Meredith: Got you. Great. And then I guess just last quick question. I think you kind of referred to it earlier. It sounds like Europe turned out being better-than-expected with rate increases. Have you increased your allocation of business to Europe?
Kevin O’Donnell: Yes. Capital is still driven by U.S. and capital still driven by Southeast, but we saw more opportunities in Europe than we expected, and we’re able to kind of leverage into it. The Zurich office performed well, seeing the opportunity early in executing.
Brian Meredith: Great. Thank you.
Kevin O’Donnell: Yes. Thanks, Brian.
Operator: Our last question comes from Mike Zaremski from BMO.
Mike Zaremski: Hey, great. Follow-up on the Florida question from Brian. So I’m just curious now that you’ve had some time — more time to go through the legislation. It sounded like, Kevin, in your answer that maybe these legislative changes aren’t might not be that meaningful. Or do we just need more time to see them play out? And I guess also reflecting on the past question about this current cycle versus the 2000s, the counterparties have — are much different than back then. Maybe I’m wrong, you can correct me. But is there — do you expect your counterparties over time to maybe improve from a capital or a kind of social inflationary aspect over the coming years, maybe given some of the legislative changes.
Kevin O’Donnell: Yes, thanks for the question. I think the profile of the Southeast risk that we take is materially different than the early 2000. The early 2000s, we had a much bigger footprint with the — with local Florida companies participating in that market. A big — a much bigger piece of our Southeast wind exposure in particular, comes from large nationwide companies tend to have much higher retention. They have their own claims staff. They have a lot of infrastructure that they can bring to bear or should there be a loss and having some of the changes that were made legislatively, it can make a bit of a difference in the uncertainty post loss. But again, I’m just trying to be transparent that the drivers of our capacity deployment for the Southeast and in particular, Florida will be driven much more around attachment point, price and macro terms of the deal rather than the legislative environment and the changes that were made.
Mike Zaremski: Okay. And my follow-up would just be kind of on new capital. We’re clear on hearing your expectations for midyear to continue to be favorable. But curious, we’re seeing some headlines about new capital coming to the marketplace. Do you — are you seeing or hearing about additional capital providers coming in to kind of swoop in and feel some of the supply-demand dislocation?
Kevin O’Donnell: I mean, obviously, you hear all the rumors. And I know people looking for capital. we’ve been successful bringing capital. It’s because of the uniqueness of the offering and the expertise of the underwriting. I think that will continue. So should new capital come in. I think the natural place for them to want to have a conversation is here. I think it’s getting a little — the class of ’23, which we’ve seen in other big dislocated years seems as if that’s a little bit more unlikely than third-party capital coming in. Regardless, I look at third-party capital at this point is if it’s going to be something that disrupts the market, it’s unlikely to disrupt us, because of the flexibility of our platform and our ability to execute into the market. So not that concerned about it at this point, but something we’re watching closely.
Mike Zaremski: Thank you.
Operator: We have reached our allotted time for Q&A. I will now turn the call back to Kevin O’Donnell.
Kevin O’Donnell: So thanks, everybody. I appreciate you staying on for a few extra minutes. I appreciate the questions as well. For those that have trouble getting on to the call, I apologize for the difficulties. But happy to take any follow-ups. As far as the renewal, I’ve been doing this for a long time, I’ve seen a lot of different types of markets, and this was one of the most impressive renewal performances I’ve ever seen from the Renaissance team to be able to execute into this market, and I couldn’t be prouder of the portfolio that they build. So thanks again, and look forward to speaking with you next quarter.
Operator: This concludes the RenaissanceRe fourth quarter and full-year 2022 earnings call and webcast. Please disconnect your line at this time, and have a wonderful day.
