undervalued insurance stock, page-14

T23 - so you think an on-market buyback would be a probability then? (from an investors perspective this would be the best way for the company to increase ROE etc).

On the debt front - from what I can see they borrowed $25 million for AUGIL purchase (ref the presentations by Kirk around that time). I presume that this is their total debt as it reconciles with the 2007 accounts. Paying this down would really only occur, imo, when the COR goes sub 100 (which implies operational efficiency - hard to do when they are trying to integrate etc).

I just hope Kirk has the guts to step up to the plate soon and make some definative decisions regarding his capital management: to date I would describe it as somewhat "on the fly".

Best regards
Kit