The Company operates in the global markets for property and casualty reinsurance and for marine and aviation insurance. It provides commercial property and casualty insurance in the domestic markets of the United States and the United Kingdom.
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I have been looking at insurance companies after Zeke Ashton's great Value Investor's Congress presentation last week.One of the companies that he highlighted was Aspen (AHL). The stock is currently trading at around a 20% discount to its book value, despite the fact that it has only reported a loss in one year since it went public in 2003 (the Kartina year). That loss likely will not be repeated given the fact hat the company has reduced its natural catastrophe exposure by about half since then.Since its IPO, Aspen has grown its book value by an average of 12.7% per year, which is an impressive feat considering the fact that we have been in a weak insurance market since 2006. I think that Aspen stands a good chance of outperforming the S&P 500 over the next several years given the current market conditions. If insurance premiums begin to improve or if interest rates rise, the stock could really take off.Deej