Your initial client project involves providing Financial Analysis on the Insurance Operation for a Specialty Insurance Company that has Global operations - Quantum Error Insurance Plc (QEI). You are provided with the QEI's Summary Balance Sheet QEI Balance Sheet as of 1 Jan 2024 Assets Liabilities Annual Annual ($ mil) % ($ mil) % CASH $ 500 ST Bor $ 300 2.00 ST Mkt Sec $1,500 1.50 LT Bor $ 150 7.00 LT Mkt Sec $2,000 5.00 Specialty Ln $ 500 7.50 Unearned Policy Premiums $ 550 Other Assets $ 500 8.00 Policy Reserves $ 1,000 Equity $3,000 Total Liabilities, Reserves & Equity $ 5,000 Total Assets $5,000 Additional information: (a) Non Premium Writing General & Administrative Expenses are estimated at $22.5 million for 2024 and $25 million for 2025; (b) Annual Written Premiums are equally distributed and projected at $1,200 million for 2024 and $1,500 million for 2025; (c) Annual Loss rate on earned premiums is 40% and Annual Operating costs of premiums written is 40%.