Can somebody please help me understand this? By DCF calculation, if earnings are 32/sh next year and growth rate is 15% per year, then value should be at least 20x 32 or roughly 640. If you check intrinsic value using intrivest IVAN calculator, then it is approx 1000... Why is this still trading at or near book value like many reinsurers are? Is my thinking that reinsurers are very cheap wrong? The fact that Warren offered for IPCR and Prem bought ORH makes me think i am on the right track. Please help me think through this.