growth, there is a lot to like. Typically, ESGR acquires a company in runoff with the following plan : 1st yr. reconcile the liabilities, 2nd & 3rd yrs. settle a large percentage of the claims, yrs 4 - 6 settle the more difficult claims, & by the 7th yr be down to 10-20 % of the original liability & do a commutation.

Following that gameplan means that ESGR should have a great few years given their asset growth : from $ 1.2 Billion in '05 to almost $ 4.5 Billion now. The targeted return on each acquisition is + 20 % & I believe each of the 23 companies ESGR has acquired exceeds that target. $ 15 EPS for '09 & a $ 62.50 price.