Tim Turner: We see opportunities to get market share and just head-to-head competition. That’s always a big factor. As you know, there’s competition on all this business. We don’t see any sign of migration of the business going back. So there’s still very strong flow of opportunities that move around in the marketplace. The only real competition in terms of taking business away from the US E&S market, Meyer, would be London. And that’s hardly measurable, but we did notice it and we did mention it in our last call. But in terms of opportunities, we see a very strong flow coming our way. There’s no standard carrier making an impact on taking E&S business back. We just don’t see it. In fact, we’re having to layer and have more shared and layered opportunities on these towers. It’s still very, very robust out there.
Meyer Shields: Okay. Fantastic. That’s very helpful. I think this is probably for Jeremiah. When we look at the adjusted ratios, so comp and bend on one hand and G&A on the other, so comp and bend went down year-over-year and G&A went up, did we expect that trend to accelerate or decelerate as we start seeing the $60 million of savings start to hit the bottom line this year or next year?
Jeremiah Bickham: So we are going to see additional scaling in comp for sure. And over time, we’ll see scaling in G&A too. But this quarter in particular, there were some timing issues related to some of our planned spend, even on like the T&E side, events change between quarters year-over-year. And we also have some new revenue lines that are coming on that we will incur third-party expenses to on some of the upfront work. So overall, I would say you’re going to see trending in the — you’re going to see scaling in both. But it’s probably going to come a little — it’s going to be a little bit more pronounced and be quicker on the comp side. Call it over the next 24 or next seven quarters.
Meyer Shields: Okay. Perfect. Thank you so much.
Jeremiah Bickham: Yep.
Operator: Our next question is from Alison Jacobowitz with UBS.
Alison Jacobowitz: Hi. I was just wondering, you touched on what you’re seeing, that you’re seeing great opportunities internationally. I was wondering if you could dive a little deeper into that where are you most focused, what you’re seeing there, and maybe some — highlight some of the dramatic differences you might be seeing there, if there are any, versus domestic?
Tim Turner: Yeah. No, we appreciate that. And I want to highlight with the Castel acquisition, we benefited from several levers there. So first, it brought 135 like-minded individuals based in the UK and the Benelux region. All like-minded builders, entrepreneurs, great track record of underwriting profitability and building businesses. It brought 10 new lines to the company and it actually allowed us to double down in a few capabilities that we believe deeply in, renewables, SME rep and warranty. But that, on top of those facilities, it also brought us some local leadership in those jurisdictions that are going to be great resources in identifying talent, essentially getting city to city. It’s not going to surprise you that a lot of distributors want to deal with a local presence and it’s going to take an on-the-ground approach to meet those folks.
And so this team will be a force multiplier in helping us identify M&A opportunities as well as increase the speed to market of international start-ups.
Pat Ryan: I’d like to add that we see international, particularly Europe and the U.K. as not fertile ground for a wholesale broking, but very fertile ground for delegated authority. There’s been a lot of consolidation of carriers in those countries. They are great companies in each one of the — various European countries including the U.K., but they’re far fewer and it allows an opportunity for delegated authority for us to bring in new capital providers or work with some of the existing over there with innovative ideas on product, innovative ideas on servicing different parts of the insurance industry. So, as we look at international, particularly Europe and the U.K., it’s really a delegated authority. But we think it’s quite wide open.
It requires as Miles said, attracting the right talent and that’s why the Castel acquisition was so exciting plus a great underwriting record. There’s a lot of talent that we know over there from other experiences. And we believe that we can do de novos and possibly some M&A opportunities.
Alison Jacobowitz: Thank you very much.
Operator: [Operator Instructions] Ladies and gentlemen, there are no further questions at this time. And I will turn the call back to Pat Ryan for closing remarks.
Pat Ryan: Well, thank you for your very good questions and for your continued interest and support of our firm. We look forward to speaking with you again soon and have a good evening. Thank you.
Operator: This concludes today’s conference. Thank you for your participation. You may disconnect your lines at this time.
