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Strategies & Market Trends : Value Investing

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To: doug5y who wrote (12487)	2/21/2002 10:42:11 AM
From: Paul Senior	of 78670

Doug Nadworny: re: medmals update. Looks like we both might have (or had) capital gains in this sector (healthcare medical insurance). Somebody had warned me not to focus so strongly on book value in this specialty insurance business because there was no indication that the companies were through taking large loss reserve charges. I now see that to be so. The one stock I own in the sector, SKP, announced yesterday they're going to have a "substantial" underwriting loss. That should drop stated book value more than I like or would have expected: I'll take my profits now... I've closed my position early this am. Looks like it's been a difficult environment for all the malpractice insurers. ACAP is reporting losses, and I see MIIX Group(MHU), another one that I've been looking at, said yesterday that they will report "unexpected and significant increases in loss development" and increases in loss reserves. That makes me want to wait until I can understand better how the lousy business conditions will affect the assets of these insurers. (I see as I write this MHU has dropped 40%+ this morning.) finance.yahoo.com Paul Senior

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