Given they've expanded the corporate overhead by about 3x over...

Given they've expanded the corporate overhead by about 3x over the last 4 years, the easiest way to destroy shareholder value would be for all that expensive overhead to sit around blowing spit balls at each other in the office, and not write new business.

I look at how much business they're writing per dollar of overhead today, versus where they were 3-4 years ago, and say: "if anything, they're nowhere near frenetic enough".