What dilution? Do you mean the new preferred issue? It's not convertible, so why would it be dilutive? The dividend is less than the earnings yield, so it looks antidilutive - I guess you are assuming the profits are going away, but then "dilution" would be a good thing, leverage, which is what I see this as, would not be.
I posted on March 16 that I had bought in, and so far it's been a good buy - better than BRK over that short two month span. Catastrophes happen - there wouldn't be a reinsurance industry if they did not. I don't know why you think all of a sudden MRH is going to lose everything.