{
 "note": "Illustrative. Computed by admin/notes/2026-10-28__underwriting-abp/capital.py; every input is an assumption stated in it.",
 "stage1_inputs": {
  "months": 24,
  "team": [
   {
    "year": 1,
    "people": 8
   },
   {
    "year": 2,
    "people": 15
   }
  ],
  "cost_per_person_gbp": 150000,
  "regulatory_legal_actuarial_pi_gbp_per_year": 250000,
  "technology_gbp_per_year": 200000
 },
 "stage2_inputs": {
  "agents": [
   500,
   2000,
   10000
  ],
  "limits_per_agent_gbp": 80000,
  "shared_failure_share": [
   0.05,
   0.1
  ],
  "kept_after_reinsurance": 0.5,
  "buffer": 1.2,
  "floors_gbp": {
   "UK general insurer (PRA MCR)": 2400000,
   "EU non-life (Solvency II MCR)": 2350000
  }
 },
 "raise_inputs": {
  "raises_gbp": [
   10000000,
   50000000
  ],
  "premium_rate": 0.084
 },
 "stage1": {
  "years": [
   {
    "year": 1,
    "people": 8,
    "cost": 1650000
   },
   {
    "year": 2,
    "people": 15,
    "cost": 2700000
   }
  ],
  "total": 4350000
 },
 "stage2": [
  {
   "agents": 500,
   "total_limits": 40000000,
   "shared_failure_share": 0.05,
   "capital_from_limits": 1200000,
   "capital_with_uk_floor": 2400000
  },
  {
   "agents": 500,
   "total_limits": 40000000,
   "shared_failure_share": 0.1,
   "capital_from_limits": 2400000,
   "capital_with_uk_floor": 2400000
  },
  {
   "agents": 2000,
   "total_limits": 160000000,
   "shared_failure_share": 0.05,
   "capital_from_limits": 4800000,
   "capital_with_uk_floor": 4800000
  },
  {
   "agents": 2000,
   "total_limits": 160000000,
   "shared_failure_share": 0.1,
   "capital_from_limits": 9600000,
   "capital_with_uk_floor": 9600000
  },
  {
   "agents": 10000,
   "total_limits": 800000000,
   "shared_failure_share": 0.05,
   "capital_from_limits": 24000000,
   "capital_with_uk_floor": 24000000
  },
  {
   "agents": 10000,
   "total_limits": 800000000,
   "shared_failure_share": 0.1,
   "capital_from_limits": 48000000,
   "capital_with_uk_floor": 48000000
  }
 ],
 "raises": [
  {
   "raise": 10000000,
   "running_two_years": 4350000,
   "capital": 5650000,
   "shared_failure_share": 0.05,
   "ceiling_of_limits": 188333333,
   "agents_at_80k": 2354,
   "premium_a_year_at_example_rate": 15820000
  },
  {
   "raise": 10000000,
   "running_two_years": 4350000,
   "capital": 5650000,
   "shared_failure_share": 0.1,
   "ceiling_of_limits": 94166667,
   "agents_at_80k": 1177,
   "premium_a_year_at_example_rate": 7910000
  },
  {
   "raise": 50000000,
   "running_two_years": 4350000,
   "capital": 45650000,
   "shared_failure_share": 0.05,
   "ceiling_of_limits": 1521666667,
   "agents_at_80k": 19020,
   "premium_a_year_at_example_rate": 127820000
  },
  {
   "raise": 50000000,
   "running_two_years": 4350000,
   "capital": 45650000,
   "shared_failure_share": 0.1,
   "ceiling_of_limits": 760833333,
   "agents_at_80k": 9510,
   "premium_a_year_at_example_rate": 63910000
  }
 ]
}