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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: doug5y who wrote (12487)	5/21/2001 5:09:19 PM
From: Paul Senior	Respond to of 78654

I'm considering ACAP also, Doug. Imo, these physician insurers should - as they have in the past - sell near or at book value. So imo, there's a lot of share price movement that could occur with ACAP before I would consider the stock fully priced. My first choice in this sector is SKP. SKP is struggling more than ACAP. Maybe that's because SKP is concentrated in the more litigious California market. (ACAP being strong in the midwest) SKP has a longer trading history; ACAP only has traded for a few months. finance.yahoo.com I'm considering either adding a bit more to my very small SKP position or diversifying in the sector by adding ACAP. Given the right pricing environment - IF that should ever occur, these stocks will go higher (imo). Paul, who has been wrong many, many times

To: doug5y who wrote (12487)	2/21/2002 10:42:11 AM
From: Paul Senior	Respond to of 78654

Doug Nadworny: re: medmals update. Looks like we both might have (or had) capital gains in this sector (healthcare medical insurance). Somebody had warned me not to focus so strongly on book value in this specialty insurance business because there was no indication that the companies were through taking large loss reserve charges. I now see that to be so. The one stock I own in the sector, SKP, announced yesterday they're going to have a "substantial" underwriting loss. That should drop stated book value more than I like or would have expected: I'll take my profits now... I've closed my position early this am. Looks like it's been a difficult environment for all the malpractice insurers. ACAP is reporting losses, and I see MIIX Group(MHU), another one that I've been looking at, said yesterday that they will report "unexpected and significant increases in loss development" and increases in loss reserves. That makes me want to wait until I can understand better how the lousy business conditions will affect the assets of these insurers. (I see as I write this MHU has dropped 40%+ this morning.) finance.yahoo.com Paul Senior

To: doug5y who wrote (12487)	8/21/2002 1:30:53 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78654

Doug Nadworny: Medimals update: Looks like they are all doing lousy business with claims exceeding their expectations. I've looked now at ACAP again. It's a good continuation of what you liked last year: insider buys and stock buybacks. They've been raising rates, lowering policy limits, etc. trying to stay ahead of claims expense. I may start an exploratory position. It seems like it might be an "almost reasonable" bet for an "eventual recovery". All in quotes because insurance business is so arcane: nearly impossible to analyze and understand, plus the ramifications of ACAP's being in both physicians insurance and workers comp. finance.yahoo.com I welcome any opinions related to this area or the particular stocks. Paul Senior