I sold all these shares recently purchased between 22.22 and 21.21 today for 23.32 per share.
Because:3rd Qrt Book is over 26 per share but we we will show a large loss this qrt due to hurricane Sandy. My guess is that our book value will drop to about 25 per share but we'll know a lot more in the next few weeks.
"During the third quarter the Company repurchased 1,041,850 common shares at an average price of $21.11 per share ($22 million). Year-to-date, the Company has repurchased 5,391,589 shares at an average price of $19.97 per share ($108 million
I'll look to continue buying if the stock trades at a 20% discount to book again. AIG and SYA currently trade at significant discounts to book so that's where I'm now looking.
"Book value per share as of Dec 31, 2012, came in at $26.14, up 17% year over year.
Share Repurchase and Dividend Update
Montpelier Re spent $13 million to buyback 0.59 million common shares in the fourth quarter taking the total amount spent to repurchase 5.98 million shares in 2012 to $121 million."
MRH is currently trading at over 25 which puts it at only a 5% discount to book value. I'll continue to look elsewhere until we see a sell-off because AIG and SYA sell at large discounts to book and share buybacks will only enhance that discount.