Despite the group’s 1Q underperformance, our fundamental outlook remains positive, and we view recent trading levels as attractive entry points. We attribute the group’s recent challenges to significant  outperformance during 2020 (+122% vs. S&P 500’s +16%, S&P Financial’s -4% and JPM Index’s -7%), the broader market’s recent rotation into value stocks, top-line growth questions, and uncertainty regarding exposure to February snowstorms. That said, we expect momentum to return to growth names given the current low interest rate environment and current discounts for growth relative to historical averages. We also continue to expect our group to profitably expand market share in the near term, while benefiting from continued commercial lines pricing increases and a recovering post-COVID economic backdrop. Our forecasts anticipate that KNSL and PLMR will continue to generate industry-leading premium growth and margins. In addition, we expect GSHD to further strengthen a growing personal lines distribution platform that effectively serves policyholders according to their unique preferences.