I keep track of the ABV valuation using Tapley's method. I actually couldn't find ABV disclosed in the latest consolidated financials. Adjusted book value is around $10.86 by my calculation.
Syncora holds 85M of Pref A and 665 shares of B, so
Liabilities = Surplus Notes + Pref A + Pref B = 871.4M + (250M-85M) + 20M(1-665/2000) = 1050M
Asset = Surplus + PV of future installment premiums + other accruals such as unearned premium reserves & contingencies = 1086.5M + 130M + 411M = 1664M
The difference of the two is around 578M and use 53.23M shares outstanding u get $10.86 per share for the ABV. Of course, liabilities are all real and the surplus is more real than other "assets."
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