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So if, for instance, Progressive is worth $13 billion....

I think a better approach would be to figure out the cyclically
adjusted value of an insurance company is given a few key input
variables like book value, premiums, float, and decade-average cost of
float, and perhaps some small factor for growth potential.
Comparison to other firms will swing wildly with prevailing market valuations
and is useful only to "fairness" consultants getting paid to justify overpriced acquisitions.

One complication with this approach is the difficulty of drawing the line
between which assets comprise the regulatory capital backing the float
liability and which investments are the free and clear assets.
All the cash and short term fixed income into insurance, plus a pro rata
percentage of the rest of the investments till you get to the right number?

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