Cracking analysis above, great stuff.
I kind of looked at it in the sense that the increased sourcing pipeline of cases considered was bringing in more cases and the risk-level of the balance sheet to fund the increased quantum of cases was not able to be reached based on what management believed they could source funds at.
I agree it's a somewhat confusing result in that they can now fund more cases but have to fund more in order to keep the same level of earnings.
So I go back to the main driver from my point of view - derisking the balance sheet and the ability for large case losses or a string of losses of smaller cases to blow a hole in the balance sheet
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