at 35 1/2 after holding for years. The company's battling some really tough competitive trends. I'm not sure any management could find a way out of their problems, such as pricing pressures, growth of direct distribution channels, new competitors like AIG cherrypicking their customers, etc. Before you call mgt. names, note that virtually all the p&c insurers (CB, BRK, PGR, etc.) have stocks that are radically underperforming the market.
At some point, though, ALL will become a tempting takeover target for some European financial conglomerate. The Europeans love American brand names, and ALL is a great one.
There's no way I'd buy the stock even at these levels, though. The competitive landscape is simply too ugly.