Fair pushback on the concentration risk angle. The full Isubstrate analysis breaks down exactly why these niche markets are structurally different from commodity lines—including the federal backing that changes the risk equation entirely: https://vianews.market/earnings-corporate-performance/specialty-insurers-like-palomar-target-20-30-underwriting-income-growth-as. Plus the data on how specialty carriers weathered 2023-2024 volatility versus their diversified peers.