Check out KNSL - earning 24% roe on the business they write. And comps are getting easier in the second half.
They have a superior underwriting model with built from the ground up custom systems and analytics - and they perform all their work in house. Competitors have inferior legacy systems and outsource many key underwriting decision (leading to losses down the road).
KNSL has less than 2% market share - and will keep taking share for many years.
KNSL sees enormous value in its own stock trading at only 15X - And they are buying back 5% of the company.