Agreed on all points. The only caveat I’d add is that they might not need all of that 300mm if they have a decent reinsurance deal on the books or in the hand.

Agreed on all points. The only caveat I’d add is that they might not need all of that 300mm if they have a decent reinsurance deal on the books or in the hand. My guess is that they plan on keeping all of the expense rows more or less the same, while growing into new markets to increase their volume.