An insurance holding Company which, through its subsidiaries, operates in the property casualty insurance business: Specialty lines of insurance, Regional commercial property casualty insurance, Alternative markets, Reinsurance and International.
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This is another buy 'em when they're cheap play. BER stock price is currently facing two headwinds: cyclical pricing weakness in the P&C industry, and concerns about the credit quality of their investment portfolio (this is a concern for virtually all financial companies, not BER specifically). To address the pricing issue, it is cyclical; i.e., "normal." Industry pricing is cyclical, and there should only be about another year or so of weakness in this cycle. This weakness is reflected in the stock price, with BER trading at less than 8x, with a long-term growth rate of 12%, which is conservative in my estimation. Regarding the quality of the investment portfolio, BER has already announced that it is holding virtually no low quality investments. Is this a baby being thrown out with the bath water? I think so. This is a great company with a terrific growth record. It's quality all the way at a cheap price.