Brian Haney : A little bit, but the reason we kind of focus on the property seasonality component was that was the big driver. But yes, it had a little effect.
Mark Hughes : And then the ceded premium ratio, 22% this quarter. Is that a good number on a go-forward basis?
Bryan Petrucelli : Mark, I say, I think it’s as good as any. It is — it varies a little bit depending on mix of business. We ceded off 50% of our commercial property business, so as that business grows, you’ll see the ceding ratio go up. If that scales back relative to other lines, then it could go the other way. But I think what you’re seeing right now is as good a guess as I can give you.
Mark Hughes : And then the reserve development in the quarter, it’s still healthy. Down a little bit from last year. And Mike, you mentioned reserve development in ’16 through ’18. I don’t know whether that was a more timely comment or whether you’re just referring generally to older accident years that have been more problematic, I think, across the whole space. Are those 2 connected, a little lower reserve development ’16 through ’18?
Michael Kehoe : Well, our 2016 to ’18 years have all developed favorably on an inception-to-date basis, but we’ve made the comment in the past that inflation has impacted the level of conservatism on the longer tail lines. I mean those years are getting to be a little bit older so a lot of the claims have already been closed out, but inflation does have an impact. And so I think it reinforces the wisdom of trying to take a cautious or conservative position upfront because it allows for things like inflation to happen. It was unanticipated, and yet, hey, those years have still developed favorably for Kinsale. So the fact that there’s a little bit less favorable development, that’s the comment I made on an earlier question, is it was just a little bit of prospective additional conservatism that just offsets the environment we’re in, right?
There’s a lot more uncertainty today around inflation and where it may be in the next year or 2. As Brian Haney mentioned, it’s definitely come down considerably from a year ago, but there’s all sorts of economic commentary out there that maybe it could either come down further or could tick back up. Nobody really knows definitively. So as we always do, we take a conservative position and then we’re well prepared for whatever comes down the road. I think the net takeaway for our investors should be, they should have a lot of confidence in the Kinsale balance sheet.
Mark Hughes : And then finally, any way to characterize the trend in the casualty book? You said that property is certainly in some of the trajectory from 2Q growth, the 3Q growth. How would you say the casualty book progressed across Q2 to 3Q?
Michael Kehoe : It’s been up in the 20% range all year. It bounces around quarter-to-quarter, but it’s as Brian Haney mentioned, we’ve got some divisions like products liability and management liability that are kind of flat. We’ve got other divisions that are growing at a really phenomenal rate. But overall, it’s kind of in that 20% — mid-20% range through 9 months.
Operator: Your next question is from the line of Casey Alexander with Compass Point.
Casey Alexander : My first question is, in your discussion of the reversion of the long-term growth rate to 10%, 20% range, how much do interest rates factor into that kind of general forecast? And by that, I mean that historically, in the insurance business, when rates sort of go to a higher for longer base, you find folks who are willing to underwrite at higher loss ratios in order to get premiums on the books that they can invest at higher interest rates. Does that have any impact on your forecast?
