Andrew Krasner: Yes. So you’re absolutely right. There is a second component, right, of the revenue that does bleed off, and that is sort of excluded from what we’ve been talking about in terms of the gain on sale headwinds that we’ve experienced in some of our businesses. We do expect that level of book sales to normalize going forward. And if you look back pre-2020, you can start to get a sense of what that normalized level looks like, and we do expect to be getting there in relatively short order as the events from 2021 get further and further away.
Paul Newsome: So does that mean that we’re essentially normalized into 2023 or we still going to be talking about this in the next couple of quarters?
Carl Hess: I think we put a book gains began to normalize as we progress through 2022, and we expect them to be in line with historical levels in 2023 as 2021 receives.
Andrew Krasner: So there may be some quarterly headwinds as that normalization continues throughout 2023. And we’ll €“ as we have been provide detail on what that looks like.
Paul Newsome: Thanks. That was it. I’ll see my second question to Elyse.
Carl Hess: Thanks, Paul.
Andrew Krasner: Thanks, Paul.
Operator: Thank you. Our next question comes from the line of Andrew Kligerman with Credit Suisse. Your line is open. Andrew just to see if you’re on mute.
Andrew Kligerman: Sorry about that. Good morning. I have been reading a lot about these net hires, particularly in the summer, you mentioned that construction and aerospace was quite strong. Could you give a sense of the kind of impact on volumes, sales, commissions that these hires might have in 2023 and 2024 as non-competes roll off? Because it looks like you had a very good result this quarter, but the real impact of these hires is something we should be thinking more about as 2023, 2024 numbers. Am I thinking about that right?
Andrew Krasner: Yes. I think that is right, Andrew. I mean we bring people on. We don’t expect them to be fully productive from day one. It’s typically about 12, 18 months before they’re fully productive. And so someone we brought on during the summer kind of €“ we expect to be hitting their stride in Q3, Q4, the following year in full, right? Do take those €“ because of the timing of renewals, right, they €“ and bunching around the end of the year, right? So that’s where you might get some variation in that €“ how many months as opposed to the efficacy of the particular individual, right? But you’re absolutely right that someone we brought on who’s a great front office talent in 2022, we’ll be hitting their stride in 2023 and beyond.
Andrew Kligerman: So it just sort of seems like the focus on the call of these book of business gains, it seems like we’re getting closer to normalized. It’s just not something to focus on. This is where the focus should be. So my next question is on the Medicare Advantage sales. It was kind of interesting to read about some of the smaller public players that are very focused on it. They all seem to be seeing improvements in volumes and margins. And a lot of folks just kind of write this business off is a very low-margin business. But could you talk a little bit about the margins of Med Advantage as compared to the overall HWC segment? And could you talk a little bit about the prospects that you were seeing in the quarter and opportunity for continued growth.
