Are your expenses so high that your loss ratio can’t exceed 15% (40% minus 25%)?”

Source: https://www.insurancejournal.com/magazines/mag-features/2023/08/21/735604.htm

Compared to the prior year quarter, large fire losses within the homeowners line of business moderated significantly from both a frequency perspective, declining more than 50% and contributing only 3.5 points to the personal lines loss ratio.

Source: https://seekingalpha.com/article/4598143-donegal-group-inc-dgica-q1-2023-earnings-call-transcript?source=feed_all_articles

Losses and loss ratio in the quarter were primarily driven by favorable cure performance from COVID-related delinquencies, which were above our prior expectations and resulted in a $70 million reserve release in the quarter.

Source: https://seekingalpha.com/article/4600890-enact-holdings-inc-act-q1-2023-earnings-call-transcript?source=feed_all_articles

So, the loss ratio was approximately 10 points above consensus expectations.

Source: https://seekingalpha.com/article/4653921-fidelis-insurance-holdings-limited-fihl-q3-2023-earnings-call-transcript?source=feed_all_articles

We expect these savings, coupled with further loss ratio improvements and growth in our Insurance-as-a-Service and Services segment, to result in positive adjusted EBITDA before year-end 2024, turning positive earlier than we previously projected.

Source: https://seekingalpha.com/article/4647556-hippo-holdings-inc-hipo-q3-2023-earnings-call-transcript?source=feed_all_articles