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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (50522)	1/6/2013 3:14:10 PM
From: Spekulatius	1 Recommendation Read Replies (1) of 78478

Nice post regarding insurance companies. I think your numbers are essentially correct and your conclusions I agree that MKL growth in book value has slowed (in the single digits), so it does not stand out much, compared to cheaper peers. What has helped peers so, is that they were able to buy back stock at prices below book, which MKL has not been able to do, since their stock was more expensive. I also think that the lift from bond appreciation will reverse itself and slow the increase in book values for those that exclusively invest in bonds. I own RGA, NWLI and MHLD. FWIW, RGA expertise is in underwriting, not on the investment side. They run a low risk operation with dull bonds. NWLI book does not include AOCI (from bond holding appreciation that they intend to hold to maturity), including that, the book would be 350$/share (I believe).

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