Thank you for sharing your thoughts. All the insurers seem to be trading closer to the bottom of their P/B range. One question, a lot of these Bermudan insurers (MRH, ENH, etc.) look and sound quite alike, do you think their relative valuations to each other is efficiently incorporating their relative return prospects?
The whole sector is in the bargain bin. I am not a fan of monoline cat companies like MRH - just do not like the business model. Of the companies I think have strong management teams, I think AHL is probably the cheapest and AXS is probably the best run.