In P&C it's closer to 28%, and for most of them that means agency commissions and such. That said, I think 20% expense is a bit wishful for a startup, but I hope I'm wrong and that it works out for you.
I will just assume that your 20% doesn't include LAE unless you're writing super preferred risk.
I will just assume that your 20% doesn't include LAE unless you're writing super preferred risk.