This company was an excellent buy a few months ago when the value of its portfolio in equities was not realized as the S&P exploded from March. It is now trading near book, and in the long term, should do fine with a ROE above 20%. Prem Watsa and his team are gurus in the financial industry, and as we head towards an El Nino and perhaps a terrible and stormy season, this will be good for the insurance market to harden its pricing power.