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More Reserving Issues At KFS


Parsad
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Such a crappy insurer! Poor investors that invested at 20$.

 

Were they able to give their company to charity in the end or did the court stop them?

 

BeerBaron

 

 

As I recall, the court stopped them. 

 

This thing is a pig.  Shoot it now, bury it, and the insurance industry can simply move on.

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They were authorized but only by the letter of the law but with strong recriminating language leaving the open the door for other actions. There are two things I do not understand:

 

1. Why they keep underwriting at a loss in a short tail business?

2. Why they have not been more aggressive in buying back their debt at a discount with their large cash horde?

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I remember when I was working at a stockbroker firm (in 2005). The analysts used to recommend KFS. Everybody can do mistakes, but I've let that one pass!

 

 

Yes, I distinctly remember Ross Healy recommending this stock when it was in the low 20s.  I held it until after their first real bad quarter and managed to get out with a slight profit.  Lucky me - those quarters kept coming and coming.

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