This post reminded me to look at Q2 filings. Same old story, no material changes.
Admitted Assets were up $4.2 to 33.8M but liabilities (ex Granite Re) were up $4.0M to $21.8M. Unfortunately we still have the Granite Re claim out there for $17.5M.
What we need to happen.
1. Settle claim with Granite Re for something. Ugh.
2. Settle/sell the books of business that make up the non-admitted assets. For the past two quarters they have used language that they are not holding liability reserves as non-admitted assets will easily cover any liabilities owed on their part.
3. Once the settle with Granite Re they should be able to sell of the business to other insurance companies who buy these dying books. All reasearch that I've found on these show that sell for 70%-80% of book value.
Edit: My guess is that Granite Re will not settle until they do #2 as they probably assume that any sale/release of liability will be good for AICPQ (which I agree with) and will allow them to have more leverage in a settlement. My guess is FitzGibbons wants to get the lowest settlment price with Granite Re as he knows they are in administration or BK (Chevy do I have that right?) and he can probably outwait them.
We need Mr. FitzGibbons to settle at a good price. I haven't spoken to him for a year but he's a very bright fellow who gets the big picture. His CV also shows he was successful in getting a return for equity in situation that looked much, much worse when he stepped in. Granted, the stories are different (timing, P&C vs crop, etc) but he somehow did it.
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