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Strategies & Market Trends : Value Investing

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To: Madharry who wrote (35689)	10/13/2009 12:54:11 PM
From: Paul Senior	Read Replies (1) of 78711

Starting a small position in insurance specialist, Enstar Group Ltd. ([t]ESGR[/t] (<span style='font-size:11px'>LAST</span>: 66.0<span style='font-size:11px'> 10/13/2009 12:45:45 PM</span>) ). These guys specialize in acquiring and managing the "run-off" business of insurance companies. finance.yahoo.com Only a public company since 2008, and they don't pay a dividend. I like that management emphasizes book value: "Our primary corporate objective is to grow our tangible net book value.We believe growth in our tangible net book value is driven primarily by growth in our net earnings, which is in turn partially driven by successfully completing new acquisitions." enstargroup.com Company seems to be growing rapidly: No dearth of "run-off" acquisition opportunities in this economy apparently. Barriers to entry in the business don't seem high though. Still, I expect ESGR's earnings and stock price to improve. Not so sure about ESGR's p/bv at 1.4. It might be high right now. I like that ESGR is hooked up with the J.C Flowers organization. Also a positive, I hope, is that respected investor Charles Akre owns shares and is on the bod. Maybe he'll have a positive influence on the company's investments. ============= Aside: From Googling, a couple articles about Charles Akre: fool.com wallstreetdiary.blogspot.com

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