Overview
Nice write up.
Did also pass on them a year ago and will do so again. Too many negatives.
Also their 'outperformance' with lower CRs does come with quite low underwriting leverage (NPE/EQ) and thus is not that high of a ROE contribution...
Look here for some other notes: https://docs.google.com/document/d/1r0z2b2hpaUTB-miR2_EFlAC7RZ4iDnLiBaWE5xGCilM/edit?usp=sharing
Nice write up.
Did also pass on them a year ago and will do so again. Too many negatives.
Also their 'outperformance' with lower CRs does come with quite low underwriting leverage (NPE/EQ) and thus is not that high of a ROE contribution...
Look here for some other notes: https://docs.google.com/document/d/1r0z2b2hpaUTB-miR2_EFlAC7RZ4iDnLiBaWE5xGCilM/edit?usp=sharing