Andrew Robinson: No, our cat — what we use for our cat number is a combination of and 10-year history. So we’re — we feel like we’re giving appropriate recognition to the cat that’s in our book. And then it’s our job to be able to sort of continue to successfully grow our property portfolio in a way that ensures that we’re not — we’re not adding a lot of concentrated aggregate, which, when you’re talking about 2 points or 2.5 points of cats in total, that’s where you can really get yourself messed up as you have a lot of agro in a small area and some of that happens, it may be — in maybe our team, but it might be convective storms or something else. So we’re really good at our aggregation management. And yeah, I think that — I think that what you’ll find probably, given our book of business, if you looked over five years is we’ll probably be in that 2 point and 2.5 point range, which is a pretty darn good outcome, given the amount of property that we have in our portfolio overall.
Meyer Shields: Okay. No, that’s very helpful. You also mentioned property growth, does that include increasing exposure along with rate increases?
Andrew Robinson: Yeah. Well, look, there is obviously just growth in values, given inflation. There’s growth in values related to business interruption and depending on what part of our portfolio, right, all of that’s true in our global property. In our transactional E&S business, we might sublimit business interruption. We are likely doing actual cash value on the buildings. And so a lot of that — you’re not — there’s not a lot of exposure growth per se, given how we oftentimes structure those policies. But that’s not to say that we’re not seeing maybe the equivalent increase in price running through rate that theoretically should be assigned to exposure for those kinds of risks. Does that help?
Meyer Shields: It does Yes. And one last question, if I can. We’ve been seeing a lot of reserve issues verbal up around the industry, I’m wondering what that implies for maybe talent becoming available at competitors or some competitors if that –?
Andrew Robinson: That’s a really good question. I don’t know if I can see a correlation to it, to be honest. Look, not that this is going to sound a little bit flippant, but I would believe that we probably would not want the talent to be flushed out of an organization due to adverse development.
Meyer Shields: Okay. Great. Sometimes the reaction is a little bit imprecise, which is the — what I was asking about, but I completely get what you’re saying, I think.
Andrew Robinson: Yeah. Well, one thing I will say though, which has been the case for like 3.5 years here is we’ve been very targeted and intentional with our recruiting, right. So we tend to have a very good view of the people that we’re recruiting, their track records, their underwriting [indiscernible], their distribution following, et cetera, et cetera. And so like, I wouldn’t say that we’re not recruiting from a general pool, we’re recruiting in a quite intentional way. And media liability announcement, a few weeks back as a great example of that, that has been an area of focus for us for a long time and we were only targeting one of three teams. And so when we are able to move on one of those teams, we get so really fast.
Operator: Our next question comes from the line of Paul Newsome with Piper Sandler.
Paul Newsome: Certainly, [indiscernible] So a couple of questions. Thank you. A couple of questions that I think I want linked. One is, I want to ask your response to the concerns that the competitive environment has gotten a lot — at least significantly worse over the last year and maybe even more recently? And I would like — I was wondering, sort of the second question, if you can combine that with a conversation of what you think about what’s happening from a weight versus inflation perspective because my sense is the fear is in these specialty lines? The competitive environment’s just gotten to the point where the baseline is, you’re sort of flat with respect to what you’re getting from rate versus inflation and of course, the fears that somehow that continues to turn over. But what’s your response to that and what do you see as you’re looking to open your book and outside of your own book that may or may not line up with those years?
