1. I took brief look at the shl statements and there is a 200 million difference in book value from the incorrect statements I was looking at. . I will have to explore where that comes from. The regulated statements are used by Tapley to come with adjusted book value etc.
2. I still think that the 400 million is already in the annual statements. The note you cited about loss adjustment expenses was considered non-material by the company.
3. I think there are so many murky, opaque things in the other insurance companies that it's better to compare book value and operating book value than gaap earnings. I know you chose a normalized 2011 for syncora, but then we have to find a normalized year for mbi and ago. Ambac is going to even more of a challenge as it just came out of bankruptcy.
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