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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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    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.


    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.

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