Not sure why anyone would think this is destined to be a cash...

Not sure why anyone would think this is destined to be a cash shell with the intention of vending in a mining company. Far cheaper, and quicker, to just acquire a shell if that's the objective. Leibowitz is much too smart to build an insurance company only so that he will ultimately have a shell to use for mining!

To me it's glaringly obvious: he will use ENA as a platform for consolidation; go on the hunt for another privately held (profitable) Aussie insurance co so that the deal is accretive to ENA shareholders, and continue to mop up/consolidate a fragmented part of the Aussie industry. It is far easier (and faster!) to build a $100m market cap ENA by acquisition than by organic growth.