Rob Berkley: I think directionally, yes, you will see that. Do I think that we are very far or well on our way to having ’15 through ’19 behind us? Yes, I do. Do I think that it’s done? Probably not. Look, we take a different approach than some other organizations when it comes to monitoring our reserves and trying to make sure that we’re getting it right. There are some folks that just ignore it for quarter-after-quarter, year-after-year, and then all of a sudden they have this giant problem that they need to deal with and they take this massive charge. We take a different approach. Our view is we’re looking at it every 90 days or more frequently and we’re tweaking it to where we think it needs to be, and we think that that’s the more sensible approach.
So again, you’ll see the information, but I think that we continue to be very optimistic about the more recent years and how that’s going to play out. Do I – clearly, some of that good news has been used along the way as we’ve had some challenges coming out of the older years. I think, again, those challenges are in the rear view mirror and shrinking by the minute. And I think there continues to be a lot of encouraging signs, as I referenced earlier, around the amount of IBNR we continue to carry in some of the more recent years.
Yaron Kinar: Thank you.
Rob Berkley: Thanks for the questions. Have a good evening.
Yaron Kinar: You too as well.
Operator: We do have two more questions.
Rob Berkley: Okay.
Operator: Would you like to continue?
Rob Berkley: Yes, why don’t we go ahead and get to those two, if we could, please, Sarah? Thank you so much.
Operator: Perfect. Thank you. So your next question comes from the line of Alex Scott with Goldman Sachs. Your line is open.
Rob Berkley: Alex, good evening.
Alex Scott: Hi. Thanks for taking – hi, thanks, and good evening to you. I just have one quick one for you.
Rob Berkley: Please.
Alex Scott: You guys have been very good real estate investors over time. So I thought I’d sort of ask a similar question to what Mike asked you before. So just – what kind of opportunities are in real estate? Obviously, fixed income is a lot more attractive right now at higher yields. But are you seeing any stabilizing trends in the real estate market?
Rob Berkley: As far as real estate goes, clearly, there’s been a lot of opportunity. Residential has been reasonably stable and has been a good place to be. Particularly commercial on the office front has been more challenging. Fortunately for us, we own some very high quality assets and feel like we’re in a very good place there, both with the quality of the assets as well as the occupancy, et cetera, et cetera. Are there going to be opportunities? We’re paying close attention, but when you look at where the fixed income market is, the hurdle, if you will, for alternatives, including direct or indirect real estate is that much higher. So are we paying attention? If there was a great opportunity, are we prepared to step forward? Yes, but that hurdle is considerably higher when you look at what we can do with new money on the fixed income portfolio, which gives us good yield, good liquidity, and this risk-adjusted, we like it.
Alex Scott: Understood. Thank you.
Rob Berkley: Thanks for the question. Have a good night.
Operator: And your final question comes from the line of Scott Heleniak with RBC Capital Markets. Your line is open.
Rob Berkley: Hi, Scott. Good evening.
Scott Heleniak: Hi, thanks. Yes. Just had two quick questions here. Just E&S, you talked about to be an attractive market here. The submission count sounds like it’s pretty encouraging still. Can you just – can you comment more on the submission count for the – for Q4 versus the past few quarter, how that’s trended and where you’re kind of seeing the most opportunity there, if there’s any particular lines or areas where it’s changed much?
Rob Berkley: So the answer is that it remains as give or take, as robust as ever, and we remain very encouraged. As far as where the most encouraging opportunities are, that’s not something that we’re going to be broadcasting. I would tell you that products liability has been an area that the standard market seems to continue to have an unquenchable thirst for.
Scott Heleniak: Okay, I appreciate that. And then just the last one is, you mentioned some startups that you had during the year. How many of those did you have in particular, and are you able to talk about what the premium is on those? Just – if you don’t have it now, I can get it later. I don’t know if you give that out, but is there anything more you can comment on that?
Rob Berkley: Scott, what I recommend, if it’s accessible to you, is that you follow up with Karen and Rich, and they’ll have a better sense as to what we can share and what we can’t. I don’t want to get all of us in trouble with the SEC..
Scott Heleniak: Sure.
Rob Berkley: Or anyone else in that matter.
Scott Heleniak: All right, fair enough. Thanks.
Rob Berkley: Thanks for dialing in. Have a good evening.
Scott Heleniak: Thank you.
Operator: I will turn the call over to Mr. Rob Berkeley for closing remarks.
