Thank you, I have read through your analysis as well and think it has a lot of interesting points. Regarding retention, I chose to not incorporate regulatory o

Thank you, I have read through your analysis as well and think it has a lot of interesting points. Regarding retention, I chose to not incorporate regulatory or underwriting risk driven cancellation to capture demand driven cancellations only. I expect as time goes on and Lemonade's capital increases & they fine tune the underwriting model / better price risk, these Company forced cancellations will decrease, as they have the past two years. I'd be interested to know what % of customers transfer to a competitor vs. not needing the renters / homeowners product anymore. I do agree with you, however, that this lowers their implied customer lifetime even further, and by extension unit economics.