Chris Swift: Yes, thank you for the question. Michael. I alluded to some of this in my prepared remarks, so I will try to connect the dots maybe a little bit better. But as we define, sort of renewal pricing combination of pure net rate and then exposure growth with additional workers, I mean that’s likely to be flat at best to slightly negative. And if you overlay, sort of our consistent long-term medical cost inflation of five points and a frequency assumption that is generally consistent with our longer-term trends, I mean that will have a negative impact on our combined ratio. And I sized it about a half a point in relation to our overall commercial lines, new combined ratio. I think the other hand, though, you’ve got to connect the dots, again, as I said in my prepared remarks, we are getting good net rate in auto property, particularly and the expense efficiencies that more than offsets that half a point of decline.
And really at the point, if I really measure it more precisely, we see 0.5 point of commercial lines improvement year-over-year.
Mike Ward: Okay, great. And thank you. Maybe on the cat loss guidance, curious how are you able to keep it relatively similar to last year? Just thinking about inflation and modestly higher retentions under the reinsurance treaties?
Chris Swift: Yes, I would €“ again, good question. I think the gist of it as Beth said in her prepared remarks. Our reinsurance treaties have not changed dramatically from a risk side. We’re very pleased with the overall renewal. And that’s consistent, sort of with our modeling and expectation, particularly given the exposures that we enjoy today. So, would you add any other color, Beth?
Beth Costello: Yes. The only other thing I would add, I mean, it is up just a tenth of a point, if you look at what our guidance was last year. And as a reminder, we’ve been talking about we’ve been taking rate in the property book. So that obviously is there to mitigate some of the cost pressures that you referred to. And then again, as Chris commented on, our structure of our cat program not changed significantly.
Mike Ward: Thanks, guys.
Operator: Thank you. Our next question comes from Greg Peters of Raymond James. Greg, your line is now open. Please go ahead.
Greg Peters: Great. Good morning, everyone. For the first question, I would like to focus on the retention stats that you put in your supplement both for commercial and personal lines. In listening to the comments of others, it seems like the trends of retention might be moving up in commercial and down in personal. Yet when I look at your numbers, it looks pretty stable. Can you talk to us both in commercial and personal about what you’re seeing on policy retention and how that factors into your outlook for next year or this year, I should say?
Chris Swift: Sure, Greg. And then I might ask Stephanie and Mo to add their color in their respective businesses. I would say at the outset it’s, sort of been our priority to really take care of our book of business, principally because we work so hard to improve it, so hard to acquire the right new customers. And I mean, you see the margins and the returns that we’re generating. So, the number one priority we have going into the year is, taking care of customers, trying to do everything you can to prevent a piece of business going out to bid and creating a shopper opportunity. And that’s good to retain. It’s obviously not so good when you’re looking to see if there’s new business opportunities. But generally, it’s the most profitable strategy to just take care of your existing customers with the necessary rate increases that keeps pace with loss cost trends. So, Stephanie, what would you say in small and personal lines?
