So – and then the third piece of rate is always inflation. And as you know, inflation has been steady. We’ve seen some of our TIV numbers come under less duress in 2023. And I think that’s a good indicator for the impact of insurance cost to Floridians going forward. So hopefully, there is benefit to all as we see commerce fees.
Paul Newsome: Thanks. Appreciate the help.
Steve Donaghy: Yes. Thanks, Paul. Enjoy your weekend.
Operator: Thank you. [Operator Instructions] We have a question from Nic Iacoviello with Dowling & Partners. Your line is open.
Nic Iacoviello: Hi, guys. Just first off, would there have been any weather above plan in the current quarter under the prior disclosure?
Steve Donaghy: Hey, good morning, Nic. No, there is no weather above plan in Q2 outside of our loss pick. So we’re – no.
Nic Iacoviello: Thanks. Was there any gross – or what was the gross prior year development number? And I guess, can we also just further comment on the multiple commutations with reinsurance partners? I guess, I don’t know how much you can talk about it, but I’m assuming that probably related to prior year coverage that you guys didn’t think would attach and commuting it probably helped some of the capacity trade forward. I’m just trying to think of that in terms of what the gross reserves have been doing.
Steve Donaghy: Yes. We really don’t – from a go-forward basis, it’s more just looking at what is in the computation, how do we distribute that into the prior years, what is our responsibility, what are the reinsurers’ responsibilities going forward. And again, with the strength of the quarter, it didn’t affect overall performance, and I think it speaks well to our focus on reserves and also ensuring that our reinsurance partners are being adequately appreciated as we move forward as well.
Nic Iacoviello: Got it. This ties in with the prior year development. But I’m just thinking, right, because we’ve – we’re a couple of months removed from the reform, right? I’m wondering, have you seen any change in the trend of I guess, reopened claims from the prior accident years, just in the context of attorneys maybe looking at older claims that wouldn’t be covered under the new reforms?
Steve Donaghy: No. The trends are not adverse to what we’ve seen in the past. So again, the legislation is having the impact desired. And as more and more of our book rolls under the new legislation of renewal, we receive that benefit. I think there was somewhat of a run-up maybe at the end of ‘22 or early in ‘23, but I think a lot of the people are looking to make a living elsewhere, fortunately. And we really don’t see a driver of – as compared to the past in reopens and others. And with our policies and with our claims handling, a reopened claim is handled expeditiously and we try and get the insured the best information they can, should they find something when a contract or somebody shows up. So it’s a normal course of business.
Nic Iacoviello: Got it. That’s all, thank you.
Steve Donaghy: Thanks, I appreciate it.
Operator: Thank you. And there are no other questions in the queue. I’d like to turn the call back to Steve Donaghy for closing comments.
Steve Donaghy: Thanks, Catherine. Appreciate it. I’d like to thank all of our associates, consumers, agents and our stakeholders. And in particular, our agents, we appreciate their assistance as we have continued to open up additional markets in Florida in the past 2 or 3 months, and we appreciate their continue to support – continued support in particular, and for everyone in their continued support of Universal Insurance Holdings. Thanks very much, and have a great day.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.
