Brian Haney : We do expand our product line, but that’s not what’s driving it. The submission growth has just been pretty steady all year, and it’s been very gradually accelerating. I’m not sure why we would be at variance with what the stamping offices are sitting, but that’s pretty stable.
Andrew Andersen : Okay. And maybe if we could just get a bit more color on the type of property that has been being underwritten this year, just given industry cat losses year-to-date are pretty high but for Kinsale, it’s been 0.5 percentage point? And maybe with that, is there a cat load target or AAL we should be thinking about?
Michael Kehoe : Andrew, this is Mike Kehoe. We don’t have a cat load to offer. You could just look back over the years and come up with an average, I guess. But our property book is, I think, a nice mix of fire-driven business, tough E&S occupancies, manufacturers, recyclers, et cetera, where fire is the predominant apparel that you’re underwriting for. And then Southeast wind, we write a fair amount of. A lot of our commercial properties are written on an excess basis, so we don’t get a steady flow of attritional losses. It tends to require a large event in order to trigger coverage. And we had a handful of policies in Hawaii that were exposed to the wildfire there, but I don’t think any of them got to our attachment point so we didn’t have any claims come out of that.
Idalia, which hit kind of a rural section of Florida. Again, we had a handful of claims there, but nothing material. So I think our strategy, if you look back over the years, like Hurricane Ian, that was a powerful storm in a very populated area where we run a lot of business. And yet, I think our loss net of reinsurance and tax was somewhere in the low to mid 20s, and we still had like a mid-80s combined ratio in the third quarter of 2022. And so we like our property strategy. We think it’s — we’re definitely leaning into that area because the margins are phenomenal. That market is still in a bit of a crisis, but we underwrite it in a careful manner. We buy a lot of reinsurance to spread the risk, and we think that’s giving us the right outcome.
Operator: Your next question is from the line of Scott Heleniak with RBC Capital Markets.
Scott Heleniak : The accident year loss ratio for the third quarter was lower than the first half, and that was true last year. And I’m just wondering if there’s anything behind that? Anything seasonal or anything to kind of call out behind that?
Michael Kehoe : In most years, it’s developed down slightly as we go through the accident year. I think it’s just starting a little bit more conservative, and then as the year unfolds, we have a little bit more visibility into the performance of the book.
Scott Heleniak : Okay. Nothing specific then. Okay. And then the — you mentioned the E&S market condition’s favorable and you have a lot of quote activity, but I’m just wondering if you can touch a little bit on just any update on competition? I know you mentioned a little bit about MGAs and you’ve mentioned that before, but are you seeing any newer players maybe you haven’t seen a year ago? Or is it just kind of steady and not that much different this year than it had been a year ago?
Brian Haney : I’d say it’s pretty steady. I mean, we do see people come and go, but it’s fairly similar to how it’s been all year. There’s no major significant, either new competitors we’re seeing making a huge grab for market share.
Michael Kehoe : But it’s good to keep in mind, too, there are hundreds and hundreds of MGAs with delegated underwriting, and they come and go on a regular basis in addition to all the risk-bearing entities we compete with. So I mean there are a lot of individual entities competing in the market.
