Today's 8k indicates shares outstanding decreased by 126.5k. Maybe the company bought London Company's position. There were only 2 days with volume over 40k in the month, none over 50k. I would think they would have had to use an exchange.
According to my calculations, ITIC's book value is now about $47. That is calculated by dividing shareholders equity of $101,391,884 by 2,156,078 shares outstanding at 3/31/11.
However, I think the bigger news in the 1st quarter report is the news about expanding into Texas and the material amount of new business done there. This amounts to GROWTH which is the magical word for investors.
I think I may have sold my shares too soon. I am looking to get back in and hoping some fearful investors will give me a chance at slightly lower prices.