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Beyond the Combined Ratio: How Assistance Businesses Can Earn a Mainstream Equity Rating

Beyond the Combined Ratio: How Assistance Businesses Can Earn a Mainstream Equity Rating

Assistance and insurance groups often carry a service business inside an underwriting wrapper, and public markets tend to price the wrapper. This opinion piece sets out how recurring service revenue, customer lifetime value and capital efficiency can be reported more legibly, and what boards should change in their 2026 disclosures to close the valuation gap.