Jeff Farber: Paul, we have a lot of confidence in our ability to deliver on the growth goals that we set out there over a five-year period. And just as an example, for the five quarters since the September 2021 Investor Day, we’ve averaged about 10% growth versus the 7%-plus that we put out there. So, if there’s a period of time where we’re slightly below the 7% to make sure our margins are great, we’re perfectly fine with that, as Jack just said.
Paul Newsome: And maybe just a couple of additional thoughts on the broader competitive environment across your businesses. It isn’t really clear to me that people are actually — competitors are actually pulling back in material places. It looks kind of like it may be a pretty mixed environment that’s just — and basically at the same place with various lines may be a little bit less or a little bit more competitive. Is that a fair assessment? Or do you really think that given all the craziness and volatility of earnings and the big losses that there’s some material areas where people are actually pulling back and just the competitive environment is getting better?
Jack Roche: I think that overall, we are in a reasonably disciplined marketplace. I think we see — and as we predicted, there will be many cycles based on lines of business and sectors of the business. I think you saw on the extreme and some of the tougher specialty areas, there was a real hard market and some of that starts to subside a little bit, but already signs that may be in areas like med mal that may reaffirm. Relative to our portfolio, I think we see the same thing. If you look at Specialty, we have areas of the Specialty business that are performing extremely well. but we’re still getting pretty good pricing. And traditionally, what would happen is that you would see some hyper competition developed. To me, that means that there is the utmost respect for what could be around the horizon and acknowledging that liability trends are still evidencing themselves, particularly coming out of a pandemic.
So, when I put all that together, Bryan, maybe — I know you’re on the line, maybe you could add in your two cents, but Specialty is probably the best example for me where the market is still pretty stable and firm despite some pretty good margins by some of the better companies.
Bryan Salvatore: Yes, Jack, glad to weigh in. Look, I would say, and I would agree with you that there’s enough out there in terms of the potential for social inflation, the potential for rising and the rising insurance — reinsurance costs that I think folks are paying attention to that. And that’s the way we’re thinking about it. So, I feel good that we were able to achieve the kind of growth that we did, right, 11.2% last year, while continuing to appropriately, is the way I would describe it, push on rate, whether it’s on the casualty side or on the property side. We continue to push, monitor our results and adjust accordingly. So, on the property side, we continue to push and that is holding, and our retentions are holding quite nicely.
On the casualty side, we continue to push as well. And so, we’ll watch that throughout the year. But the — our competition is not creating an environment for us where we feel like we have to deviate from that right now. And I guess the only other thing I would add is, our book composition is sort of an interesting one given that it skews towards middle and smaller risks with a lower limit profile. And so those attributes are also serving us well. So, I think we’re in a space where we can continue to push, we can continue to watch, and we’re in a position to adjust should we think it’s appropriate given the rate on the year-on-year rate increases we’ve gotten.
Paul Newsome: Thanks. Appreciate the help as always. Very much appreciated.
