The Canterbury quake liabilities hit them hard for several years and that lost them investor interest in the long term. Managing to recover from the quake disaster, righting the ship, disciplined management of core business and a steady approach has been enough to get to this point. All credit to the management - they didn't need to do anything spectacular, just sensible, clear-headed management.
That being said I think we are now reaching the natural end point of the benefits of all that work. There is not much scope for growth other than through cost efficiencies and pricing inflation. Also the lucky streak of relatively low natural events and damages will see a break at some point and the profits will take a hit if and when that happens. The stock is still cheap although quite illiquid, and getting even less liquid with the buybacks. I think it will be a case of "not much to see here" from here but worthwhile holding with good returns.
TWR Price at posting:
$1.40 Sentiment: None Disclosure: Held
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