I think there is potential upside to BV from the VIE's (I see them carrying approximately $200 million in losses there that will most likely not materialize), plus the value of NOL's. There might be some significant downside potential that we might not know about because of loss development, but that might well be taken care of by future profits and potential savings in admin costs if merged or sold to another reinsurer. I can see a $1,000 "value" by end of 2011 if they pursue a stategic transaction, but it will remain to be seen if there really is a buyer at that level.
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