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    « Another One of Those "Don't Just Do Something, Sit There!" Moments | Main | Barron's Interviews Stephanie Pomboy »

    February 25, 2011

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    Comments

    If you like EGI Financial, you may want to check out Westaim Corp: TSX:WED

    @Philbert: I glanced at it, and it looks like it's trading just a bit below stated book value. Is the book understated? Or is there another catalyst of some sort?

    Westaim is a financial holding company that owns a 100% interest in Jevco Insurance which it purchased off Kingsway Financial below book value (94.5% of the book value of Jevco’s net assets) about a year ago. Jevco is a profitable provider of P&C insurance through 2000 independent brokers. It is making money off its insurance underwriting (combined ratio of 97.7%) as well as its investment portfolio is invested very conservatively in short term investments. They also have $55.0 million in income tax loss carryforwards to offset Jevco income in the future.

    Catalysts:

    1) They plan to reorganize the investment portfolio to include an allocation among bonds, preferred equities and common equities - this should increase income.
    2)Jevco has been able to increase their premiums in non-standard auto insurance in Ontario 10% in Nov. 2010 and 8.9% in Feb. 2011
    3)hardening in the standard automobile market in Ontario has driven more business to Jevco as the largest provider of non-standard automoble in the province.

    The comments to this entry are closed.

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