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  • quantuon quantuon Jul 26, 2012 4:58 PM Flag

    CCI q2 dismal

    Somewhere around page 10 is the info on the new relationship but basically anything above 85% cumulative loss ratio goes back to ORI in one form or another. The recent release indicates that $48.7 in CCI op loss (out of the 49.8) goes back to ORI gen ins subs. Why then do they not just hack that out and include it in the General Insurance segment, as opposed to reporting it as CCI, I do not know. Probably to throw people off the scent and I am not convinced that its legit reporting (not that its audited). Basically, they said that it is higher lawyer costs and salvage recovery lowered. Indicates on going legal risk and poor quality of the $1.2 bn or so of risk-in-force still on the books (hooks). I don't think the CCI story is over. Aldo is not upfront - not saying he's dishonest - but he's not forthcoming for sure....his professorial demeanor wears thin. I think not coming clean over the whole spin-off and, now, CCI, and their attempt to conceal, means credibility is shot (with me for sure) thing I've learned is if you think they are trying to hide something, run.....good luck longs

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