> The big problem seemed to be competition. It seems like the more predictable something is, the more the market will squeeze insurers' margins on insuring tha

> The big problem seemed to be competition. It seems like the more predictable something is, the more the market will squeeze insurers' margins on insuring that risk. Holes-in-one probably follow a pretty regular probability distribution, which makes me think this is probably a very tough market for smaller players, even without the loss leader thing you mentioned.