Dollars and Jens
Friday, February 04, 2005
Commerce Group
A year ago, I wrote:
My car insurance company, Commerce Group, has been growing float and earning a consistent underwriting profit, with a combined ratio of around 98-99%. According to their latest financial reports, reflecting the end of September '03, they had non-investment assets (i.e., "bad" assets) of about $998 million, equity of $857 million, unpaid losses of $953 million, and unearned premiums of $853 million. If we sum the last three figures and subtract the first, we get a value of $1.665 billion, or about $52/share. The stock closed yesterday at $43.65.
My floor has climbed to about $58/share, and the share price closed today at $67.40. I just thought I'd mention that.

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