Tangible book value
Tangible book value (TBV) is the value of an insurer's assets minus its liabilities, excluding intangibles and goodwill. This could also be a proxy for liquidation value -- an estimate of what the insurance company would be worth if the company closed its doors, paid out claims, and returned excess capital to shareholders. (Hence the term "shareholders' equity.") Obviously, you'd want to pay a lower multiple of tangible book value to increase your margin of safety, assuming you can't get shares at a discount to TBV.
Unless audits and rating agency have been a total fraud...
A company's tangible book value looks at what common shareholders can expect to receive if the firm goes bankrupt and all of its assets are liquidated at their book values. Intangible assets, such as goodwill, are removed from this calculation because they cannot be sold during liquidation. Companies with high tangible book value per share provide shareholders with more insurance in case of bankruptcy
* shareholders would double their money in BK court. Those selling at a loss on news for forced insider selling and heads rolling (resignations) are booking losses of their own accord. GLTA, including lawsuits as that would bring in courts and a look at tangible book values. Or, has it been massive fraud for 10 years?