Operator: Your next question comes from Ryan Tunis with Autonomous Research.
Ryan Tunis: First question, just on reinsurance. The attritional loss ratio improved quite a bit there. Maybe you could just talk a little bit about either the sustainability of that or the drivers this quarter?
Robert Berkley: Yes. Look, we’re pleased with how the business is performing, Ryan. We’re not going to get into a whole lot of minutia around that. But we think that the various businesses that make up that segment have positioned themselves well and they’re reaping the benefits from it. And we think that it’s likely that for the foreseeable future, that we’ll continue to see good performance. That having been said, as I mentioned a few moments ago, there was some positive development; and that came out of one of the operations in that segment which was helpful.
Ryan Tunis: Got it. And then I guess in the Insurance segment, just thinking about growth. Yes, it seems like some of the primary carriers are growing quite a bit more than what the level of rate increases are. And some, like you, your top line growth looks more similar to the type of rate that you’re reporting. So I was wondering if maybe you could talk a little bit about, I guess, why we’re not seeing something a little bit from a growth standpoint on top of the rate. Is it — is retention lower than it was a year ago? Are you writing less new business? Just, I guess, give us a look into that.
Robert Berkley: When you look at the group, we’re a bit of a bouquet. And there are certain parts of this group that are growing very rapidly. So for example, many of our E&S businesses are growing at a very healthy pace, to say the least. And there are other parts of the organization that are growing as well. But we’re believers in underwriting discipline. And as you can see in the release, there are parts of the business that are growing quite quickly, perhaps in keeping with your comment relative to some others. And there are parts where we’re just going to be more disciplined. So you would have taken note that workers’ compensation, we are concerned about how competitive that marketplace is. And even with the growth in payrolls that we’ve seen, we are — I would suggest in somewhat of a defensive mode.
A similar story when it comes to professional liability and we’re kind of scratching our head around public D&O. If you want to talk about the reinsurance, obviously, the casualty reinsurance is down a little bit and the monoline excess is up incrementally. So I think that — and I can appreciate why people might look for a broader brush but we’re looking at our business and we’re looking at each part of the market that we participate in with a very fine brush. And we are trying to make sure we make good decisions in every pocket. And when you add up all the pieces, this is where it came out. Do I think that there is opportunity for there to be pockets of further momentum? Yes, absolutely. But I think that when push comes to shove, that’s just the reality of when you put all the pieces together, this is where it came out.
Ryan Tunis: Got it. And then just following up, we’ve heard I guess, partially in response to the softer professionalized pricing market, there’s been a more diverse set of players that find the cyber line attractive. Would you count yourself among that? Or has cyber been a big growth area for Berkley?
