Grace Carter: Okay, thank you. And in personal lines, there is a pretty big uptick in new business this quarter. I guess I’m just curious about what you’re seeing in the shopping environment for personal lines in the target mass affluent segment of the market, and just how considering the last cost environment, how you’re thinking about any potential new business penalty as you work on that pivot towards the mass affluent segment?
John Marchioni: Yes, sure. So as we do in our planning across all lines of business, but in personal lines, in particular, to your question, we do plan for a different loss ratio for new than renewal. And that’s factored into our loss ratio expectations, segment by segment. And that’s no different for personal lines. But I think it’s important to keep this in the proper context with regard to our growth, whether a new business or total premium and personal lines. We liked the mass affluent segment, but recognize that we’re relatively new into this. So our growth, while it looks big on a percentage basis, in terms of a real dollar basis, these are not big numbers, we grew the segment by $28 million in the year and for $14 million in the quarter and new business was $22 million for personal lines in the quarter.
And that was compared to a very low Q4 of €˜21, where we were really just starting to transition and only wrote $10 million of new business. So I guess my point in saying that is I don’t know that that’s necessarily indicative of what’s happening in our market. But that’s a segment of business we like and we’re showing some really good results relative to our ability to compete in that space. Now, the other important point here is, when you look at the loss ratio environment broadly, and you’re looking at the loss ratio for us, in our personal line segment, I think we acknowledge we’ve got work to do. And as we’ve made our way through this meaningful transition from mass market to mass affluent and an update in our rating plans accordingly.
That led to us falling a little bit behind the market in terms of pricing trends. And you saw in the prepared comments, and I’ll reinforce this point, the impact of our filed rates in the nine states that we took action, and in the fourth quarter was 8.8%. And that’ll drive what we start to have on a written and ultimately earned basis, and I would expect that pace to continue. So more work to do from a profitability perspective. But I think the other important point is on the homeowner side, the exposure change we’ve kept up with. So we’ve always had a lot of discipline around getting exposure right in our home book. We’ve automatically fed through the updates in estimated replacement costs and the exposure I feel like we kept pace with it was more in the pricing that we needed to do more catch up on.
Thank you. At this time speakers, we show no further questions. You may proceed.
John Marchioni: Great. Well, thank you all for joining us. As always, free feel to follow up for any additional questions and look forward to speaking you, speaking to you in the future.
Mark Wilcox: Thank you.
Operator: That conclude today’s conference. Thank you everyone for participating. You may now disconnect.
