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Strategies & Market Trends : Value Investing

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To: MCsweet who wrote (44186)	9/4/2011 8:11:24 AM
From: Jurgis Bekepuris	Read Replies (2) of 78595

WTM - Why do you think that "the company doesn't look that cheap on a fundamentals basis"? Could you expand on this? Their resent results are bleh. On the other hand their book value and book-value-per-share has grown at 13% annualized for the last 10 years, which is above average for insurers. And the company is trading at about .75 p/book (tangible book AFAIK), which is on par with other insurers/reinsurers. My concerns would be the same as with other insurers: large portion of fixed income securities earning very little (?dependent on what they hold?), weakness in insurance pricing and heightened natural disaster frequency (new normal?).

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