Commercial insurance pricing trends in the fourth quarter followed the same pattern buyers experienced through most of 2023. Property premiums have finally started to moderate— this is a trend we noticed earlier in 2023 and we were watching the Atlantic hurricane season to see if storm losses would reverse the trend. The good news for insurance buyers is that the hurricane season was relatively mild. Insurers have found profitability in this line, and we’ve heard that no insurer had trouble finding capacity in their January 1, 2024, property reinsurance treaty renewals. We expect these factors to lead to the continued trend of moderating property premiums.