Calliden has changed their business structure to reduce direct...

Calliden has changed their business structure to reduce direct exposure to major events that have continued to occur over the last few years. Obviously they are still exposed but they will benefit from the general insurance cycle of increasing premiums after natural disasters that should work in their favour.With increasing premiums, yes they will lose customers but also pick up new clients from other insurers increasing prices also.
I think the management are competent and doing a good job changing the business model which will eventually show up on the bottom line and IMO the stock will have a more appropriate share price and P/E. Just my view.