The recovery is on the balance sheet; the cash is still elsewhere
I follow a reinsurance asset through the work needed to collect it, because recognition and availability answer different questions.
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What remains after the headline transaction
A portfolio exit still needs a payroll
Stopping renewals changes future exposure. It does not remove the people, records and judgement needed for the obligations already written.
Read the essayDo not let a better new year conceal an older claim year
I separate current underwriting performance from the development of earlier obligations so directors can assess both without losing either in a net total.
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