You're not missing a thing. OB as an enterprise appears to exist for the sole purpose of transferring the life juices of the former CGU companies into the WTM corporate capital structure and, especially, to the persons associated therewith. By selling off operations and systematically and deliberately running down business, capital reserves previously held to support underwriting capacity, can now be slurped out like marrow from a bone or brains through a hole drilled in a skull... er, returned to shareholders - bearing in mind that almost all the shares are held by WTM. In fact, the whole topic is distasteful and its probably best to just shut up about it.
or if any of the shortie cabal could add they would see that the annual is $.84 and EPS is expected to be $1.10 so they are not bleeding capital they are actually adding to it. Please learn the basics.