Miles Wuller: Tracy, it’s Miles Wuller. So I’ll start on the delegate authority side. So our property capabilities span habitational property, builders risk, renewables, energy and most certainly cap property. We’re able to efficiently service both the middle market, as well as large accounts. Our cat practice is predominantly shared and layered, working some of the largest and most complex risks out there. And so as far as positioning and expectations, so we’ve noted previously that with our results and expert teams, we increased cat capacity post Ian. And I’m pleased to say we continue to add cat commitments even as recently as this week. So we’ve been prudent deploying our cat aggregate and have substantial dry powder, which points a continued great contribution into the end of the year.
Timothy Turner: And I would just add, our brokerage capabilities are industry-leading. We’ve been capturing a high percentage of this new business pouring into the channel. I believe our outstanding leadership team in the brokerage cat property arena is doing a fabulous job, and that was a big part of our success in the quarter. We look forward to capturing other difficult property risk as we move on through the year. There’s much more to it than just cat wind.
Tracy Benguigui: Okay. Excellent. There’s a number of new E&S carriers, including some U.K. insurers, which may be a move to be more efficient on the Lloyd’s distribution efforts. What I’d like to know is, does this move just cut 1 layer in that value chain, like business you would have seen anyway? Or does bypassing Lloyd’s give you a new business opportunity?
Timothy Turner: No, I would say that net positive on that is it enhances and strengthens our ability to market the business. Lloyd’s is obviously an industry leader in the E&S market but there’s multiple access points, and they’re a major player in our binding authorities, our MGUs, open brokerage, London access points. So it’s a heavy-duty player and then creating these 2 E&S facilities that we’ve been reading about, I see that as a very positive influence on our ability to solve these catastrophic challenges.
Tracy Benguigui: Okay. Just to be clear, that business you would have seen anyway or is that new business that you would now see?
Timothy Turner: It’s a combination of new and renewal business that just enhances our capabilities and strengthen them.
Operator: Ladies and gentlemen, we apologize for the delay. We’ll move on to our next question, which is coming from the line of Ryan Tunis with Autonomous Research.
Ryan Tunis: Just another follow-up on cyber, trying to understand some of the businesses that are capable of moving the needle on your organic when you have sharp inflections. Obviously, we know D&O can do it, property can do it. But is cyber 1 of those businesses where we really do have big pricing swings? It’s something that can notably move your headline organic growth rate?
Jeremiah Bickham: So I would just say broadly — this is Jeremiah, Ryan. Cyber, think of that as a product category, which is we’ve said publicly is there’s no product that’s more than single digits in terms of our overall portfolio. In the case of cyber, it’s low single digits versus property, which is an entire category of products making up a very significant part of the portfolio. So they’re apples and oranges really. Cyber is worth talking about it because it’s an important topic for insureds, it’s an important weapon in the arsenal of our professional lines team and there’s a lot going on. And as Miles said, the opportunity sets big enough where we do expect that it will be a feature worth talking about as time goes on. But it’s not the — it’s not as material, for example, as like D&O — as public D&O has been over the last several quarters.
