Argument that Aspen is 'undervalued' based on their book value is a fundamentally flawed argument for an in/re-insurance company. Asset quality is key.
Um, OK. What exactly did you have in mind? Remember, AHL has an average investement rating well into the AA range and very little in the way of hedge funds, equities, etc.For the record, I would agree thet reinsurer book values are approximate, but not because of the investments. Its because reserves are a best estimate and not precise.