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Puck,

Thanks for this. Very interesting.

I'd be interested to hear how Tom Brown's interest impacts on your own thinking about MRH. I believe that you have been a little bit hesitant on MRH previously due to (perhaps amougst other things) (a) the lack of any real track record due to its youth (i.e. we don't really know a lot about their underwriting discipline yet) and (b) the fact that there is a multi-year lag between when premiums are received and costs known/paid (see Buffett's letter of a few years ago). All of which makes it difficult to value MRH – particulary so given the recent changes to the company's balance sheet.

I hope I'm not misrepresenting your views – but this is what I seem to remember (generally).

Does Tom Brown's interest make you go hmmmmmm. I wonder what he is thinking? What do you think Tom Brown sees when he looks at MRH?

Guzz
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