I couldn't agree more.
The board must have known about the cost blowouts sometime ago, and nothing had been mentioned at any of the analyst briefings or to the market in general.
This is purely a case of clearing the decks so that they are made to look like heroes in the near future.
They better be praying there are no major natural disasters in the interim that will scuttle their plans.
At least one of the media commentators commented on this strategy, and wondered why the other insurers haven't found themselves in the same situation.
I couldn't agree more. The board must have known about the cost...
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