Miles Wuller: Yes, absolutely. Thank you. So – look, so rates and terms remain very firm for property, but compounding that is our app bats are increasingly. So even non-wind habitational – we’ve had the benefit of our results and risk management tools that have allowed us to continue to track capacity when others are pulling back, and now we’re meeting needs that others are forced to pull back from. So we’ve seen that in the last quarter and continuing into next year. So we think we’re well positioned.
Robert Cox: Got it. Appreciate that. And on the property comments, I mean, I think the comments here and in the press release were that property pricing and submission flow were the drivers of growth despite a lower weighting to cat in the quarter. I think some investors hope to view that this growth is somewhat temporary in nature and might eventually create a difficult headwind for growth. So I’m curious if you could comment on that notion at all and perhaps the sustainability of the property flow into the E&S market in 2024?
Timothy Turner: We tend to disagree with that. And really, we follow the global warming and the impacts of all of that. And it’s really more difficult than ever for carriers to be profitable in cat. But it’s much more than just coastal wind. It’s affecting every geography in the United States today, and it’s wildfire’s convective storm. It’s flood. It’s driving much more business than just the win in the wind buying season. So we see it having a positive impact on all four quarters, and the demand for our products, solutions and services to continue to increase. We see no let up in that.
Miles Wuller: And just the only class I’d add is even course of construction has remained extremely robust in both submission count and revenue contribution, and we are obviously conscious of rising rate environment and the impact of both buyers and builders. But the reality is there’s a major structural shortfall in available housing units in the U.S. that we continue to meet through E&S products.
Robert Cox: Okay. Awesome. Thanks for that. And maybe just lastly from me. I think there’s been some speculation out there that some larger brokers can enter the wholesale space, but it feels like it may not make the most sense for them to compete where you do. So curious if you have any views on the impact of Ryan, should a larger broker enter the whole sales space in some form?
Patrick Ryan: Sure. Well, I’ll start out by saying that the first time you met us, we talked about the value of being independent. Independent being defined as not competing with our clients. We have grown, we’ve prospered for multiple reasons, one of which is that we’re independent. We don’t compete with our clients. I think that larger brokers have studied this. I know for a fact, they have, you probably do as well. They haven’t made the decision to go in. But I think a lot of it is around the issue we’re the right owner for a wholesaler. And we believe passionately and independence is a real differentiator. So we don’t sit around wondering and worrying that they’re going to come in. If they come in, they have to compete with some very tough competition.
And remember this, all the brokers that we do business is we believe that they passionately want to do what’s best for their clients. And what’s best for the client in our minds, is a great talent pool that we have that are differentiating. So we have several clients in their own wholesaler, but they bring us the tough hazard and hazard risk. They bring us to risks that we are uniquely qualified to handle because of our industry, our product expertise. So if you want to really survey this, just talk to retailers about who are the go-to places to go on really hard risk, and you’re going to hear Ryan Specialty, RT mentioned very often. So we’re very proud and pleased at the position we’re in. And if more competition comes in, we still think that they need us, and they use us when they need us.
