undervalued maybe, page-6

extract from the Australian -27 feb 08
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However, the result also showed a shortfall in the top-line performance of the US operations,
which was attributed to management exiting some businesses from its two recent US
acquisitions -- Praetorian and Winterthur -- and holding its line on premiums.
``Yes, the top line has come off (in the US business) more than we anticipated, but I would
rather the top line come off than give away on rate and give away on bottom-line profitability,''
Mr O'Halloran said.

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