Rob Bateman: Hi David, it’s Rob. We saw it €“ last year, we renewed all of our quota shares, our XOL and our cat. And we have not had any problems getting the capacity we needed. I think it’s a combination of things. Number one, as our loss ratios come down, we have an attractive €“ we have more attractive auto book that has more stabilities than property cat. And two, we really are slowly pulling back on our quota shares and taking more participation on our XOL in cat, so we have been able to go out and we set pretty aggressive firm order terms and we have not been able to fill those firm order terms, just taken out a little bit more coinsurance ourselves.
David Motemaden: Okay. That’s helpful. Thank you.
Alex Timm: Thanks.
Operator: And we do we have another question from the line of Weston Bloomer from UBS. Please proceed.
Weston Bloomer: Hi. Thanks for taking my question. I was curious, you have now revised policyholder contracts in 33 states, that was up from 25 states last quarter. I was hoping you could maybe quantify the impact that that had on your loss ratios in 2022. And then do you expect additional revisions in 2023, or should €“ most of the improvements from here just come from additional rate actions through your book?
Frank Palmer: Yes. So, this is Frank. Thanks again for the question. As we think about those contracts, it’s mostly one-time revision. Now, there are still some states where we are implementing those and still seeing the benefits. But we think that that contract revision is kind of a state-by-state one-time overhaul. So, we wouldn’t €“ you will expect to see continued earnings improvements from those. So, we changed our contracts in November, we still expect to see throughout this year as renewal customers renew on to those. Some improvements kind of going forward, but we wouldn’t expect to see kind of the same type of like, hey, we took contract changes and got this much benefit and then we take more contract changes and get more benefit the way you do with rate changes. So, it would be more of a one-time change that we would see earning into our book throughout this year and into next year.
Weston Bloomer: Great. So, the 62% on-level loss ratio kind of contemplates that continue earning from those revisions.
Alex Timm: Now, the 62% on-level loss ratio, that is really reflective of the rate that we have taken and we do not actually on-level, the loss ratio for changing of contracts. And so that should be incremental benefit.
Weston Bloomer: Great. Thank you.
Alex Timm: Thanks.
Operator: There are no more questions. Thank you, ladies and gentlemen, this does conclude today’s call. Thank you for your participation. You may now disconnect.
