The PEO segment bundles HR, benefits, and workers' compensation administration for small and mid-size employers who cannot replicate scale-based insurance underwriting and compliance capabilities. The reinsurance structure caps catastrophic loss exposure while ADP retains spread income. This co-employment model creates recurring, compliance-driven revenue that is difficult for clients to self-replicate.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s