undervalued insurance stock, page-30

Agree Tiger.

I think the lack of a rating may be what has prevented them going into workers comp (along with life etc). I wouldn't mind guessing that a long-term goal is to secure a rating so that CIX can continue their "packaged" approach to insurance (like their Blue Dog scheme). To get to that point they would need to demonstrate good earnings stablility, progressive GWP growth, conservative reinsurance, and conservative investment and capital management policies. A tick alongside all of these so far.

Just looking at the SP, the NTA, and the NAV: I am guessing that the buyback target is 32 cents (based on the previous discount to NTA two years ago).

Regards
Kit