Insurance premium finance is a well-established, high-margin, high-growth commercial lending activity with low credit quality costs. Finance companies extend credit to a range of commercial enterprises at relatively high yields. Loans are collateralized by the unearned premium of commercial insurance policies held by highly-rated insurance carriers. We estimate the commercial insurance premium finance segment has grown to $60 billion of annual originations, up 10% CAGR from our last report, owing primarily to significant growth in the underlying E&S market.