> 18.2 / 25.3 ain’t bad.

It's somewhat worse than average, but trending in the right direction. Will give a qualified "OK".

> Sales and marketing at 19.2 seems a bit high, but I guess they’re doubling down on growth, and it implies they have a long runway.

It's very high, relative to written premium. You can always buy market share in insurance by increasing commissions and/or increasing marketing, and it's okay to overspend in the beginning for branding/momentum purposes, but it's not sustainable. They raised $500 MM, and spent $200 MM (and much of the remaining $300 MM is needed for statutory surplus) so who knows how much longer they can sustain that.

Administrative and tech I'm somewhat sanguine about, as long as they keep moving upmarket to Homeowners' insurance. Renters' insurance is never going to have a great margin. Tech is at least decent, and hopefully the kernel for expanding easily into other markets.

Agreed on all points. The only caveat I’d add is that they might not need all of that 300mm if they have a decent reinsurance deal on the books or in the hand. My guess is that they plan on keeping all of the expense rows more or less the same, while growing into new markets to increase their volume.