Insurance: I mostly agree with your reasoning. I still think that MKL performance, equity holdings and good management (?) are worth higher multiple. Is it worth 1.1P/B? Well, I'm not sure, but I am interested to buy it here. Your reservations are noted though - you may turn out right that their best days are in the past.
Out of the remaining stocks mentioned by you, I would consider buying RNR, RGA (have a small position), NWLI. I am not interested in others. BTW, though 2x growth in 10 years looks impressive, it is actually less than 10% annualized growth, which IMHO is pretty low. I would like to see at least 11% annualized growth.
I also hold AHL, AXS, BRK, RE, which I consider buys. I hold AFSI, which I considered fairly valued to overvalued; and FRFHF which had horrible performance last 2 years, so I can't give a fair opinion about it. I may sell AFSI and FRFHF if I decide that they are not great long-term holds. |
