Antonio, great article, as usual! As a former actuary, I'm particularly interested in these type of new insurance companies and I'm sure they'll take over the old ones in relatively close future. We have a few in France that are already becoming a threat for the older insurance companies.
A few remarks after looking at the numbers, it's funny that their net loss ratios is sometimes higher than their gross loss ratios. If you're losing money with your reinsurance strategy, you better have a good investment policy. But because the business is short-tailed, I don't see how they could get substantial revenues from investing their premium.
Also, it's interesting to see that both the customer count and revenue per customer grew, but the premium revenue and annuity is flat YoY.
Have a great weekend.
PS: Thanks for the book reco in the intro I'll check it out