Too much volatility in results, which impacts market cap; management wants and needs all energy and focus on the core business.

Capital constrained or need to improve ROEs.

Define scope of the deal, how finality is achieved, (whether legal entity can be sold, reinsurance structure), staffing (whether to retain staff or outsource to reinsurer), accounting (retrospective vs. prospective reinsurance).

Independent/in-house actuarial reports, paid and incurred loss triangles, payroll and earned premium by state/by year/class code (WC), historical rate change (by LOB).

Loss runs, litigation reports, gross/net paids, claims counts by year — closed and opened.

Structures in place, ceded asset/underlying methodology, recoverables by market/disputes.