He's really a great guy, we chatted about various industry things, laugh a little etc. He's easy to talk with, difficult to get him to get specific on only a FEW items, all other items, he'll go into as much detail as you want.
He really is helpful but guarded on giving it up on 4Q #'s and of course any add'l claims reserves.
One BIG clarification was on the LOC. As some of us surmised, it is only at risk in the Lloyds Company (synd). If TWK went down tomorrow, the creditors/receiver has no ability to grab the LOC. Unless, the Lloyds BIz goes south next year, which is highly unlikely.
Which would probably follow suit for Mr Warren Buffet, he's (I think) only dealing with the Lloyds subsidiary.
The WTC is a non issue as far as "doubling" their loss on an advers court deceision. (Your out of the woods on that one Grinch)
The rest of it? IN MY OPINION, I think Mr. Hunte thinks theres more rain to fall. Although I never detected any desperation or rationalization from him, even when we were chit chatting.
Generally, people will be defensive when things aren't going well. I didn't detect that with him (either he's real good or ?)
Interesting exchange. Going back to the reincorporating in Deleware, his response is defensible in that the L/C agreement did not say that they would be reincorporating, only that nothing in the agreement would prevent them from doing so. But if you check the L/C agreement that tidbit is mentioned twice and guess who signed the agreement?..right. Hunte. Perhaps I should have given you more bkgrd on the genesis of the question. However, for now his answer serves.
I thought the comment about Mr Becker's conservatism was very telling. Are we to suppose that if Bullit were still there the actuarial study may never have been done.
Also, your sense that L/C seemed more important to Hunte than the reserve issue was interesting.
Overall, I would say your talk rachets up the positive side a notch or two, but wouldn't all it a slam dunk. Would you?...Great job as always. It's good to have someone in the biz asking the questions. Did you get a job offer...lol..jad
I knew I had read the Delaware thing somewhere myself, but when he answered like he did, I thought maybe it was something we saw a year or more ago, but, your right that it was fairly recent. Anyway, I think his answer eliminates it as a concern.
My feelings regarding the Mr. Becker comment, at that time, was, he loaded up the wagon on the numbers now, so that he would look like a hero down the road. No one said this, but that was my feeling at that moment.
On the L/c vs reserve issue, I didn't mean to convey that either seemed more important. I think he did say he wanted to get beyond this (4q).
Overall, hmmm, I don't like to say this, cause I may mislead someone, but, overall I felt things were going good and the comment of "get beyond 4Q" indicated that this year would be the worse it's going to get. That was my gut feeling at that time.
As to the Job offer? He said Mr Becker wants to move back to the Chairmans position, and would I move to CT. I asked him what the temp was, and, that ended that (its 72 here today). Heheheh.