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

To: Spekulatius who wrote (42966)	6/10/2011 10:32:26 AM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78751

AHL - What happened in 2004/2005, large acquisition? gurufocus.com In any case, their book value grew 11% per year and book value per share grew 10% per year from 2003. Which is on par with other insurance companies that we looked at, definitely not outstanding (there are companies that did better). Losses in Q1/2011 as with others. Overall, it seems like yet another insurance company not much different in valuation or business acumen from others. But then I have not read their annual yet. I am sure they claim there that they have more conservative policy writing, better diversification, astounding long term strategy and proprietary risk evaluation that leaves all other companies in the dust. Don't they all... :/ :) Perhaps it could be a part of the basket. :)

To: Spekulatius who wrote (42966)	6/10/2011 3:18:54 PM
From: Paul Senior	Read Replies (2) \| Respond to of 78751

AHL: I'll pass on it. It's a little to tough for me. Book value has dropped because of natural catastrophes. An unusual year for catastrophes. Maybe. I'm holding NWLA, an insurer routinely selling far below stated bv, although its bv keeps increasing. Not the stock price though. So in a sense, a value trap (for me). Often when I consider making an insurance stock purchase, it comes to mind. I don't want to take on what could be another value trap: AHL already under stated bv for a few years now. Although in AHL defense, many insurers are like that-- 2008 to current have not been good years for many. Don't have current info.; I see that Greenlight has a position in AHL. That's a positive. Otoh, J. Gendell (whom I follow sometimes) has closed his.