Robert Berkley: It’s certainly our hope and we’re waiting for that to occur. And yes, we think it’s coming but it may take some time. And ultimately, as in everything we do, we’re focused not just on risk-adjusted return but we’re not going to — in an effort to — we’re not going to compromise, if you will, in a foolish way. And again, we are eagerly looking for the opportunity to allow us to extend that duration out a little bit. But right now, we are getting reasonably well rewarded for the position that we’ve taken.
Operator: Your next question comes from Josh Shanker with Bank of America.
Josh Shanker: I’ll give one more question but I don’t know if I can get a great answer. Can we talk about share repurchases versus special dividends and how you think about the value of doing both those things?
Robert Berkley: Josh, I think that was a pretty good prediction on your part as to the quality of the answer, at least that you’d get from me. But why don’t I hand it over to our Chairman, who also moonlight as our Head of repurchase.
William Berkley: Josh, so I think that it’s a constantly changing thing. It’s based on the opportunity at any point in time. We will never do either if it precludes us from investing the money in the business opportunistically. So we will never do any of those things if they constrain our management of the business. At the moment in time where we think we’re generating extra capital and we look ahead and see that we’re going to have extra capital, we’ll then make the judgment as to the share values, sort of looking out ahead versus the kinds of returns we think we should get to give our shareholders money. There’s not an absolute rule, I think, that when the stock gets down to what we would say is an attractive price, we sort of — we pay that and it just got, relatively speaking, more attractive price until you go back probably — certainly more than 15 years.
So, we were more inclined to do it. And it’s a judgment we make each time we decide that we think we’re going to have excess capital for a period of time as far ahead as we can see. And we try and make the judgment at that point in time, the stock price versus what we view as the intrinsic value of the enterprise. And we look ahead; so it’s not that there’s an absolute rule changes as we look at where we are, we’re — our leverage is a lot more stable now. We have the longer-term debt. We don’t have any of those kinds of uncertainties that we had before. So there’s not really a single rule that we go by. It’s really looking ahead and saying, how do we think we’ll best treat the shareholders by using the money effectively. And that obviously has to do with the price of the stock relative to the intrinsic value of the company.
Operator: There are no further questions at this time. Rob, I will turn the call back over to you.
Robert Berkley: Okay, Breanna, thank you and thank you all very much for joining the call. Again, I think this was a moment where the company once again demonstrated its ability to manage risk and to focus on return and recognize that volatility is an important piece of that. We will look forward to speaking with you all in about 90 days. Thank you.
Operator: This concludes today’s conference call. You may now disconnect.
