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Has anyone else looked at this name? It appears to be cheap and have a temporary issue with investing in preferred stocks/debendatures of banks.  It has a nice insurance franchise with an average combined ratio in the 80s historically and exposure to Japan.

 

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Not an expert, but they've got issues with their bond investments, in particular their financial and below-investment grade investments. They invested in stuff like Icelandic bank debt that went bust, and have high yield investments in things like Ford debt. If their Q4 results turn out to be bad, and if the credit markets continue the way they have, then they could be in trouble, especially if their equity base gets written down to below minimum-regulatory levels.

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