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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (219588)2/7/2003 2:43:39 PM
From: reaper  Read Replies (3) of 436258
 
tip, i really don't understand insurance accounting so i can't really say; it is a group i have largely missed, with the exception of the credit and mortgage insurers where the books are sufficiently simple i can understand them. i also have a position in Chubb, but that was triggered by the CFO departure auto-short rule.

overall it is likely this industry will be a minefield for a while, as (i) there are still many debts to be paid for the lax underwriting of the late 1990s; and (ii) they just can't make the numbers work (in terms of return on capital) making an underwriting profit of $0 and depending on asset returns to make EPS.

do you have some particular objection to ACE that you would like me to look at? otherwise i'll give it a quick once-over over the weekend, to see if there is anything obvious.

Cheers
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