Eastern Insurance came up on a screen I recently did. From what I can see they have a little over $7 in cash per share, no debt, a tangible book of $12, a dividend and earnings estimated at 80 cents this year and a buck next. If you took away the cash you are buying this stock for under $3 a share with potential earnings of a buck. A forward PE of less than 3 certainly gets my interest. Can anyone tell me what I am missing here?

Thanks in advance!