Great write up. Happy to receive those more often.
Reg. "They never questioned the billions of dollars from interest and underwriting profits that are powering the company forward (and have been locked in for 3 years)."
> 1st part is true: MW did not question it, maybe coming in 2nd report, aka attacking in waves
> 2nd part: underwriting profits are never locked in I guess bc future UW profits (per Definition) depend on claims which are at least partially driven by probability. Interest rates might be locked in but some ob the fixed income instruments clearly come with credit risk, which most likely are fine, but nothing is locked in. The game is not over until it is over.
Great write up. Happy to receive those more often.
Reg. "They never questioned the billions of dollars from interest and underwriting profits that are powering the company forward (and have been locked in for 3 years)."
> 1st part is true: MW did not question it, maybe coming in 2nd report, aka attacking in waves
> 2nd part: underwriting profits are never locked in I guess bc future UW profits (per Definition) depend on claims which are at least partially driven by probability. Interest rates might be locked in but some ob the fixed income instruments clearly come with credit risk, which most likely are fine, but nothing is locked in. The game is not over until it is over.