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I have released the latest insurance sector forensic analysis and valuation report. Keep in mind that as the financial sector gets hit hard in the equity and fixed income markets, these companies will report worse and worse investment portfolio results. Hedging at the institutional portfolio level is very difficult and expensive considering the amount of money in question and the significantly reduced amount of liquidity in both the exchange traded options market (due to market makers pulling back from historically excessive volatility) and the OTC options and swap market (see Counterparty risk analyses - counter-party failure will open up another Pandora's box). This company has a very high relative share price, a high comparative book valuation, and a considerably valid argument for valuation compression. A fairly good investment proposition, all in all.

pdf Forensic Report Retail 2009-02-23 14:11:08 418.58 Kb

pdf Forensic Report Pro 2009-02-23 14:09:16 418.58 Kb