Jeremiah Bickham: Well, I’ll give some color Mike on the numbers you’re probably looking at like a 30-plus percent in underwriting management. Remember that’s total revenue growth. And there’s a significant impact this quarter. I mean the growth numbers from both the delegated authority businesses were terrific but it it’s even more gaudy in underwriting management because of M&A last year. That’s where the benefits business is being housed until it’s material enough to be broken out on its own. So if that’s the number you’re reacting to that’s a big part of the story. But longer-term, growth prospects, Miles can give you a much more fulsome color on that.
Miles Wuller: Look, we appreciate the question. So I think at the heart of it. Yes, underwriting is definitely contributing to the double-digit organic trajectory. I think we highlighted each quarter a lot of the ingredients that we delivered on last year and structurally, they’re all in place to continue into this year. Last year we brought several new MGUs to life. We did — we’ve already launched one in Q1 of this year. Last year we launched several tangential lines to existing MGUs. And now we’re seeing the benefit of that coming into the earnings statement as organic revenue. And then lastly, we’re able to include our carrier capital under management with the greater majority of our partners last year and that was through incremental lines of business as well as increased capital being deployed.
And so again, those increases of capital under management we’re seeing flow into organic this year. So that’s specific to the underwriting line, and I’ll let Tim comment on binding.
Tim Turner: Our binding authority had a tremendous first quarter. We’re seeing just great expansion and market share being taken there. We’re capitalizing on the consolidation of the use of binding authority intermediaries by the retailers. We’re winning a lot of RFPs and the outlook for 2024 looks fantastic.
Mike Zaremski: Thank you.
Operator: Our next question is from Rob Cox with Goldman Sachs.
Rob Cox: Hey. Thanks. Just in regards to organic growth pacing and how to think about it for the balance of the year? I know there’s a lot of property business next quarter and it seems like property is still strong, but there’s also a lot of property CAT, and I think that’s an area where we’ve heard there are some more meaningful price deceleration. So I’m just curious if you think that’s a headwind next quarter. If you could give any color on sort of the pacing of organic growth throughout the remainder of the year.
Tim Turner : We don’t see it as a headwind. We see the pricing stabilization. We’re not seeing dramatic cuts at all. We’re not seeing a shift in the migration of the non-admitted business. We’re seeing continued heavy flow into the channel. We’re seeing a little bit more competition in London. But again, the flow remains very strong, and we’re optimistic to have a great year in property.
Jeremiah Bickham: Yes. And Rob, building on the response that I chimed in with to Elyse’s question, growth for the year doesn’t follow a straight line. I’m sorry, we can’t be more helpful. But there’s nothing significant in any of the quarters this year that’s worth calling out to guide you to something to a big shift. Like Tim said, the growth we expect is really balanced across property and casualty this year.
Rob Cox : Okay. Thanks. That’s really helpful. And then maybe just as a follow-up. I was just curious on some of the specific areas you guys have called out in the past, like the D&O headwinds, M&A headwinds, how did those shape up in the quarter? And I was also curious on the construction projects, which I think you guys have previously called out. It seems like it might have been a material tailwind for some of your peers, did you also see that in the quarter?
Tim Turner : Yes. We’ve seen the construction market have a real strong rebound. Our project opportunities increased. Our quote to bind ratios increased. We’re capturing a lot more construction business across the board, residential construction in particular, infrastructure projects picked up and that lag time from quote to bind has decreased. So we’re very optimistic to have a great year in construction. D&O would be where the tailwinds have slowed. I think we’re through the pain phase. We see some moderation there on the tougher D&O, our E&O book continues to grow in areas like healthcare and social service. We’re getting opportunities in things like architect and engineers E&O, lawyers E&O, the headwinds on that pro-executive book have clearly slowed, and we see growth opportunities in 2024. And then Pat could address the M&A.
Pat Ryan : Yes. The M&A is strong, as I said in my opening comments, a very robust pipeline. There’s no seasonality to the M&A calendar. We’ll often have periods of time that are quiet, and then periods where we announced multiple deals in a short period. But to answer your question, the outlook is very strong. We’ve been engaged in several discussions. We’ve encountered more opportunities, we made a pretty encouraging progress on most of the open dialogues, the flow of deals are all high strategic value deals that we’re working on. And the theme of sellers preferring Ryan Specialty as a destination of choice is very exciting for us because historically, well over a half of the just short of 60 acquisitions that we’ve done, we were the destination of choice. And in the discussions that we’re engaged in, that’s being sustained.
Miles Wuller: Rob, this is Miles. I’ll just jump in. On transactional liability as it pertains to like a rep & warranty and tax practice, so there are tailwinds. So global M&A deal volumes are ticking back up, we believe our transactional liability practice is materially outpacing the industry. I think everybody will recall, we highlighted several times during 2023 that we had been investing heavily in transactional liability, talent and geographic reach as the market was contracting. And all those decisions are bearing fruit, and we expect to be great contributors to 2024.
Rob Cox : Thanks for the color.
Operator: [Operator Instructions] Our next question is from Meyer Shields with KBW.
Meyer Shields: Thanks so much, and good afternoon. Tim, I was hoping you could go maybe one level deeper in terms of the property business that’s still migrating to E&S. Because I guess the mental model I had was that last year you had primary companies just dealing with much higher re-insurance attachment points, so the CAT-exposed business kind of moved over. And I’m wondering, maybe overly simplistically, what’s left to go to E&S now?
