Ryan Tunis: I guess, just thinking about the 2023 organic growth guide, it sounds like which being explicitly contemplated are some comp issues and project-related business like D&O, construction and also a net benefit from property. But I was just curious if what other assumptions you might be making on how market conditions might evolve through the year and coming up to the 10% to 13%?
Jeremiah Bickham: So in any given year, there’s going to be pluses and minuses, Tim referenced ebbs and flows with related to business that moves between the E&S market and the admitted market. There’s lines that are still firming and there’s lines that are going the other direction rapidly. We’ve talked extensively about public D&O as an example of that. So we’re factoring all of that in. And what we do on an annual basis is we person-by-person, MGU-by-MGU, broker-by-broker, do a bottom-up build of their book. And we put that all together, we improve it with any other market-based intelligence we have, but it is what it is. And fortunately, the sum of all the opportunities and challenges for ’23 is what we anticipate to be a really positive result.
Ryan Tunis: Got it. And then, I guess, another question I had was — I guess with P&C brokers, we tend to think about a lot of the businesses being recurring. But I was curious, like, is there an outsized amount of your annual commissions that come from the project-based world, whether it’s construction or D&O tied to an M&A transaction like that type of thing. I was wondering if maybe you could quantify, like, how much usually of your book is project-based?
Jeremiah Bickham: So we don’t disclose the specific percentage, but most of it is recurring type business. In fact, nearly all of it is commercial. We’ve publicly disclosed that we’re over 70% E&S. And most importantly, the majority of the products that we work, we place or underwrite on behalf of our clients is compulsory.
Ryan Tunis: Got it. And then — sorry, my last question is just on — you said property performed well in the last couple of weeks of the year. Just from a timing standpoint in the fourth quarter, are there an outsized percentage of property renewals that take place at the end of that quarter? Or are they pretty uniformly distributed through 4Q?
Tim Turner: No, they continue to increase as we go into the new year. The wind buying season is well known to peak in the second quarter actually. But as I said earlier, the reinsurance treaty renewals of 41 and 71 will have a further hardening impact on the flow of CAT property business into our channel. So we expect it to continue to grow and expand, and we’re set up perfectly to absorb it and convert it. So the market is definitely going to get harder in property.
Ryan Tunis: Sorry, let me clarify my question. I wasn’t sure if maybe there were some renewals in the fourth quarter that were just standard property that got pushed to late in December just because of the market was becoming more challenging. I just didn’t know if there were an outsized percentage of renewals that ended up taking place in those last couple of weeks.
Tim Turner: No, nothing to measure, but definitely rate increases and premium increases.
Operator: There are no additional questions at this time. I’d like to turn the call back to Pat Ryan for closing remarks.
Pat Ryan: Well, thank you all for your participation and your interest in our company. As I look to the year ahead, we’re really filled with optimism. We’ve got a great team. The impact in the marketplace is strong, very strong drive, unwavering drive. We think world-class expertise and deep commitment to serving our clients. So we’re confident that we’ll continue to drive growth and success in this year of 2023. So thanks for your participation and your very good questions. Have a good evening.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
