I mean, we’ll obviously take on a little CAT, but we’re looking at other perils, particularly the fire, to build a national book of more property exposure. And I think we’re getting paid for that incremental volatility from quarter-to-quarter. I would say the story line this quarter, particularly with non-CAT commercial property losses were, in total, at expectations and about a point better than prior year with elevated losses in small commercial, offset by lower losses expected in Middle & Large. So I think our strategy as well. And Mo, I don’t know if you would add anything as far as the execution or any color from the marketplace, please.
Mo Tooker : Yeah. We just continue to build a talent base. We’re attracting people just based on how we’re going about going after property. The tool set continues to improve. And we’re talking retail and wholesale here. We continue to see an opportunity, rates generally hanging in there. Terms and conditions are hanging in their deductibles are improving. So I think broadly, we feel really optimistic about our ability to continue to chase the market.
Chris Swift: Stephanie, what would you add in Small Commercial property and any E&S color?
Stephanie Bush : Yeah. I think you framed it well from the Spectrum perspective, is that we experienced some volatility. But as you referenced, we’ve taken rate not just recently, over many years, to stay at or ahead of loss trend for the property portion of our above [ph] product. And as Chris stated, it’s double digits in terms of what we accomplished in the third quarter, which is higher than our longer-term property trends. And I will remind everybody that we did have our 13th quarter in a row with an underlying combined in the under 90%. From an E&S perspective, E&S binding, which continues to be a growing and profitable portion of our book of business, strong risk selection, achievement of 30 points of property rate in the quarter and growing. So all in, really proud of how — the team’s execution.
Mike Ward : Awesome. Maybe on Personal Lines real quick and the seasonality. Just wondering, should we expect the typical pressure in 4Q? Or do you think the rate that you’re pushing can actually maybe mute that seasonality?
Beth Costello: Yeah. So I’ll take that, and this is Beth. In Personal Lines and if we break it out between auto and home, in auto we’d expect fourth quarter to be higher than what we’ve seen year-to-date and probably in that sort of 6 to 8 point range. Where it comes out will really be impacted by just where loss trend goes. On the other hand, home, typically, fourth quarter is more favorable than the year-to-date usually by 5 to 6 points. And we’d be expecting that again this quarter.
Mike Ward : Thanks, guys.
Operator: We will take our next question from Alex Scott with Goldman Sachs. Your line is open.
Alex Scott : Hi, good morning. First one I had is just a follow-up on the workers’ comp. I hear you on how you feel about the profitability of the business, and certainly, the reserve development has been great. I guess just helping us think through the NCCI sort of indications are pointing down another mid-single digits. And you mentioned, I think, the 5% loss cost trend. So how should we think about the margin drag that, that creates going into next year? I mean, can you help us think through — like even just relative to the headwind that you got from that this year, does it get worse? I mean, there’s also a sort of a moving target in terms of the baseline that you sort of start off with when you do that math. So I just — any help would be great.
