high turnover, page-10

Well, they started well (first few years) but I think it all started to come apart when the AU deal came along: too many distractions (CSA, IUA, etc) at the same time meant they did not have the resources to concentrate on core issues such as reinsurance and quota share arrangements. Also bitten by hitting the cat ceilings once or twice.

I really think Kirk's communications need to be more often and contain less spin and more fact. Their PR company - Open Briefing - seems to be soft of the questioning; as opposed to asking about matters that concern shareholders. For example, they have done several buybacks (I think the last one took place around the 20c level), and yet with the share price half that we have not heard anything. Are they preserving capital for some reason (a purchase, a large loss, a change in their capital ratio arrangements, etc); or can shareholders expect a buyback at or around the current prices?

With SP now trading 10.5 cents (market cap almost $25mm only now) one has to wonder at what point Kirk or the Board will act. SP in the single digits will look awful for CIX.

Best regards
Kit