Pablo Singzon: Yes. Okay. And then last question for me. Good growth this quarter, 19% although I noticed that there was a pickup in the — I’ll just call it sort of the pricing and exposure part of that growth number, right? I think insured vehicles are up 6.5%, meaning about 12 points are from pricing and, I guess, insured value growth. Is there anything in there? And should we assume that, that sort of benefit continues in ’24, right? So a combination of, I guess, price increases at are showing up in write premium plus whatever step-up and agree on values you’re seeing in your book?
Patrick McClymont: Yes. So I think the guidance that we’ve provided in terms of written premium growth in 2024, the 13% to 14% and that reflects a similar level of new customer growth that we had in 2023, so in excess of 250,000 — 0.25 million new customers. So we continue to grow the size of the book and that equates to something in the mid-single digits and then the balance is coming from rate, which continues to flow through and some value increases.
Operator: We have reached the end of our question-and-answer session. I would like to turn the conference back over to McKeel for closing comments.
McKeel Hagerty: Thank you, operator, and thanks to you all for your continued support and interest in Hagerty. We have carefully built a highly differentiated business model over the last 4 decades that is just beginning to hit its stride as we help consumers protect buy, sell and enjoy their prized vehicles. As I mentioned on our last call, our omnichannel distribution delivers high rates of commissionable revenue growth, the backbone of Hagerty. Membership supports the growth and profitability in our insurance business through excellent retention, creating recurring revenue base of revenue and profits. We expect Hagerty Marketplace will eventually become a highly accretive business, but today, we are seeing significant resources to become the trusted and preferred platform in this rapidly growing market.
We also continue our multiyear evolution toward increasing our flexibility and control over our underwriting profits while decreasing comps for members with the recent acquisition of CNIC. New products will enable us to fuel top line commission growth and capture more of the profit from underwriting premiums. Before I sign off, I would be remiss not to mention the passing of my dear mother Louis Hagerty on February 4. She was the Matriarch of Hagerty and an amazing entrepreneur. While the initial business was built around ensuring wooden boats, it was my mother who accurately predicted that ensuring collector cars would be a great addition because “people take good care of their toys.” And she was right as she usually was. While the last few weeks have been difficult emotionally, we are grateful for the many lives that she touched and we are just beginning to tap the surface for this amazing business as we celebrate our 40th year and execute on the next decade of profitable growth.
We hope to see you at future Hagerty events, and we look forward to sharing our first quarter results with you in 2 months. Until then, never stop driving.
Operator: Thank you. This will conclude today’s conference. You may disconnect your lines at this time, and thank you for your participation.
