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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (29629)1/10/2008 1:02:17 AM
From: Paul Senior  Read Replies (2) of 78464
 
SWCEY: "Trading at book is good but why would I buy FSR when i can buy SwissRe SWCEY at a 205 discount to book."

You've highlighted a problem with new insurers - the way they make their bets. They are starting fresh though. OTOH, one problem for old insurers is their old - maybe long-tail exposed - businesses. SWCEY has taken a hit with some of its subprime (?) recently.

Still, your main point - SWCEY seems be a better value than FSR -could be/might be very valid. I'll have to consider SWCEY.
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