On a Price/Book basis, TWR still looking very cheap compared to peers. Management are doing a good job of refocusing the business and putting the Christchurch disaster behind them. If you assess the Christchurch claims performance, they are seriously outperforming their peers, which is a great reflection on the vastly improved operating efficiency of the new TWR.
A simplified GI business, plenty of surplus capacity on the balance sheet, cheapish valuation metrics, a somewhat fragmented (at least compared to Australia ) but consolidating NZ GI market .... who knows, could they be preparing themselves for a sale process?
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