Via Guy Carpenter, valuations of reinsurance companies are at long-term lows:
The challenging macroeconomic environment of subdued growth and low interest rates meant the reinsurance sector ended 2011 trading near 20-year lows. As Figure 1 illustrates, the average price to book ratio for the sector of 0.893 is just greater than one and a half standard deviations down from the 20-year average of 1.32.
It’s my experience that extremes do not last forever, so if you’re an enterprising investor, looking at reinsurance companies seems like a great use of time.

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