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How to analyze private mortgage insurance companies?


muscleman
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This is not an investment thesis but more like a postmortem. I looked at RDN back in 2011 but couldn't understand it. I felt like it was trading at a 50% discount to book, but it kept losing money, so the MoS could erode quickly.

Now it is up 300%, trading at 2.6 times book, and still losing money.

Does anyone understand these insurers? Should I value it based on adjusted book value, like MBI?

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