The Company focuses on underwriting specialty lines of personal and commercial property and casualty insurance and reinsurance on a global basis.
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I'm betting against the hurricanes. And more importantly, assuming around 5.50 - 5.75 in earnings in 2006 and an essentially flat market (maybe slight increase in profitability of underwriting, slight decrease in premiums underwritten or some such similar opportunity), that it will still be in the 5.75 range in earnings in '07.
That's a whopping F P/E of 7. And a P/B that's real nice too. And that's real F P/E projection, not a housing industry F P/E before the bubble collapsed ;-).
Ok, some discount because of the hurricanes, and they do destroy book value faster than most management teams do, even the poor ones ;-)
But still, this looks like a solid 20%+, and I don't see the S&P doing that.