Jeremiah Bickham: I was actually talking to the Treasurer about this earlier this week. I would classify everything that you’re seeing in our fiduciary balances as normal factors and timing that can happen. There’s been no change to our DSO, no material change to business mix, even though the different — obviously, wholesale and delegated authority do have different payment terms and DSO. When we acquire businesses will impact fiduciary balances, but there’s nothing to read into in terms of a material change. It’s normal timing factors.
Meyer Shields: Okay. Perfect. And then a final question, if I can, for Tim. It sounds based on everything that we’re saying that maybe T&E growth will slow down because we’re lapping normal quarters. Are you seeing competitors pull back on that? Is there a specific opportunity from that particular aspect of marketing?
Timothy Turner: No, we’re not seeing any real pullback on that. But I’m not sure I understood the question. Could you repeat that?
Meyer Shields: Yes. I’m just wondering with travel and entertainment observably much more expensive. I’m wondering whether you’re starting to see some competitors say we’re just going to do less of that and whether there’s an opportunity for growth when that happens.
Timothy Turner: No, I haven’t seen that. In fact, I think it’s as competitive in our space as it’s ever been. We’re attending events and on the road seeing our clients and our underwriters continuously. We’re back to full speed ahead, and I don’t see any pullback from our competitors actually.
Operator: The next question we have is from Michael Ward of Citi.
Michael Ward: Was wondering in benefits what capabilities you might be looking to add. Is it more medical stop loss or other areas?
Patrick Ryan: Yes. It’s — medical stop loss as I’m sure you know, is rapidly growing, moving from fully funded benefit plans to self-insured plans. And what interests us greatly is the phenomenon of the size of employer who was moving into self-insured and funding through group captives. In other words, pooling with other employers — employer groups of similar size, characteristics. And so our strategy is an integrated health solution heavily driven through self-insured clients who ultimately we believe in large numbers are going to want to be funding that by putting up some of their own capital and group captives. So it’s a process of providing services to retail brokers who may not have the resources to provide these services.
And frankly, an ability through our professional skills of the talented team that we’ve assembled to bring innovative, integrated health solutions, coupled with the self-insured plans that I talked about and then bringing a very innovative funding mechanism. So we believe that the benefit strategy that we have is going to be significantly accretive to our total addressable market. We’ll be picking up a lot of clients that we believe will be interested in what we’re offering. And then we think we have cross-selling opportunities into the P&C side. So we’re very excited about that.
Michael Ward: That’s helpful. And then maybe just on the 2025 savings plan, I think you mentioned this, but could we — should we potentially be expecting to see savings a little bit earlier than that, or timing still the same?
Jeremiah Bickham: No timing is — we’re a little bit ahead of schedule on execution, but the material impact to the P&L is on the same schedule. So no saves this year. Some in ’24, which will be reflected in our guidance next year and then the full annual $35 million in ’25.
Operator: The next question we have is from Tracy Benguigui of Barclays.
Jeremiah Bickham: Tracy, do we have you?
Tracy Benguigui: Can you hear me?
Jeremiah Bickham: We can now.
Tracy Benguigui: Can you hear me?
Jeremiah Bickham: Yes.
Tracy Benguigui: Sorry. It would be great to learn more about your property E&S wholesale brokering and underwriting management capabilities. Are you more known by the market on the transactional E&S side or you’re more known in the larger property direct and facultative market?
