Insurance in the Headlines
Originally published on March 3 at 8:18 a.m. EST. This morning, Citigroup names XL Group (XL) its best idea in the PC underwriting space based on its strong excess capital position, strong management and a derisking and rebuilding of its franchise. From my perch, Platinum Underwriters Holdings (PTP) is a cheaper insurance stock. At the time of publication, Kass was long Platinum Underwriters Holdings.
Yahoo! Close to Pulling Out of Japan
Originally published on March 2 at 6:38 a.m. EST. Last night, Reuters reported that Yahoo! (YHOO - Get Report) is close to exiting its joint venture, Yahoo! Japan. I value Yahoo! Japan at more than $9 billion, or $7 a share to Yahoo! (pretax). Hopefully this is the beginning of the company's disaggregation. At the time of publication, Kass was long Yahoo!.