Less risk is good, but it will surely mean less profit too. As...

Less risk is good, but it will surely mean less profit too. As an insurer, you are simply not going to write the level of business you once did if you are not a price leader. Agency is risk free, but lower margin, plus you need the volume to cover your overhead.

I like Calliden, but they are a minnow with a small balance sheet in a big boys game, at least on the pure insurance side.

Overall, hopefully they will make a decent profit this year, but whether it will be $10m+, I very much doubt.