Codan seems to be growing at high rates again (revenue and profit grew at over 20% in FY24). It also seems like this growth will continue to persist within the next two to three years. My only concern is the increasing debt of the company, which has increased from $0 in 2020 to over $90m in end of FY24 (which doesn't take into account the FY24 final dividend and recent Kagwerks acquisition). Will be interesting to see how they continue to make acquisitions, pay dividends, and have 10% of revenue invested in R&D when the debt level over the long term, when debt has increased so much over such a short period and there is no indication this will be paid down.