"It's going to cost us to take on new business" is surely a...

"It's going to cost us to take on new business" is surely a 'good' problem to have. It only becomes an issue if the nature of the new business is like a roller coaster ride, with relatively short cycles.
FSA will have challenges for at least a couple of years. What could trip it up thereafter is a fall in volumes and margins from their home lending division.
That said, I think the stock trades at the low side of fair value, if what one is looking for is solid long term capital gains. It's good value OTOH if one is patient and can hold as a proxy for a moderate to high risk, high fixed income investment.