I think those days of FIG aiming to be number 1 (this was always...

I think those days of FIG aiming to be number 1 (this was always cited as their goal) in the direct insurance market are gone. Direct insurance sales is dead. There is NO value in that. This is the principle reason the share priced has been destroyed- because what else have they got. Its all about St Andrews. If that is out then the lights are out!
The directors are the ones closest to this business and they are still not buying. A lot of them have minimal direct holdings. If they are not buying, I am not buying. Its simple as that really-the equity is just too hard to value. The only way I will know if this is cheap is if they place their hard earned monies into this.