Travelers Companies Earnings Call Insights: Loss Estimates and Lack of PIF Growth
Randy Binner – FBR Capital Markets & Co.: I have a question on the Sandy loss. Just trying to get a sense of where you might be in kind of the finality of your loss estimates, particularly interested in kind of cost inflation on reconstruction. If there is a tail from business interruption and if you can quantify closed versus open claims at this point?
Brian W. MacLean – President and COO: This is Brian. Obviously, with this magnitude of event there are always claims and issues that are still outstanding, but broadly speaking there is no significant issue that we are looking at from the business interruption or liability or whatever side that leaves us feeling that there is a big tail. I’d turn to Doreen on the specifics with the closed claims if you’ve got some of that data, Doreen and want to share it.
Doreen Spadorcia – Vice Chairman: This is Doreen Spadorcia. Jay quoted you some statistics as to where we were 30 days from (indiscernible) reported from first notice of loss at this point and toward further on then 30 days. Probably on the property side, we are at about 95% of losses in that position. In terms of tail issues on auto, we still have salvage losses to collect and we are in the middle of doing that, but those we have factored in. On both (indiscernible) those losses tend to take a little bit longer as well. But again all of them have been factored into our analysis. So, we are pretty well through most of those claims that were reported.