STOCKCHASE

He decided there were so many problems there that he would not go near them.

2011-05-31

DON'T BUY

1.040

Used to follow them closely. Found the company too confusing. Took it off the watch list a year ago.

2011-03-02

DON'T BUY

1.400

Fascinating company but too convoluted for him.

2010-11-11

Comment

2.050

Turned a US company over to charity but regulators took them to court. Won but it is now being appealed. If they win it will be great for them. Has looked at this for a couple of years but hasn't liked what management was saying. New management is coming in. Could go bankrupt or become a 5-10 bagger.

2010-05-13

DON'T BUY

1.720

Doesn’t like it. They sold off best of business to pay for losses somewhere else.

2010-02-24

DON'T BUY

1.670

Ara Nalbandian

Even in the best of ties it has had quite a few challenges. The risk reward is negative. Doesn’t see a positive catalyst and risk of stock going to zero or near zero.

2010-02-16

SPECULATIVE BUY

1.690

This is a good choice. Company had tremendous difficulties. It’s on his watch list – it could return to form and be a 15 bagger. It could go bankrupt.

2010-02-09

SELL

1.520

He is shorting the stock, betting that it will go lower. Levered with dubious quality assets.

2010-01-22

DON'T BUY

1.520

Certain times in investing when you have no clue as to what is behind the veil. Wouldn't touch this one. Playing right into the hands of EGI Financial (EFH-T), which is a fantastic little insurance company that you could consider.

2009-12-03

DON'T BUY

1.500

Made a lot of acquisitions, which had a lot of hidden liabilities. There is a strong possibility the company will not survive.

2009-11-27

PARTIAL BUY

4.320

There's a lot of good things going on here however you don't want to make a big bet until you have seen a couple of confirming quarters. Buy a little position now and increase your holdings on good quarters.

2009-10-16

DON'T BUY

3.480

Still going through a transition. The cut in dividends should allow them to pay down debt. Will still have write-offs going forward. Tremendous upside potential but he would rather see another quarter or two.

2009-08-07

HOLD

2.720

This is a company that has had difficulties in the past and has managed to recover. He is kicking the tires on them. This could be a 3-4 bagger. Would want to see some quarters before putting any money down on it. There were a lot of disgruntled shareholders at AGM.

2009-05-01

SELL

2.640

Veronika Hirsch

Not a well managed company. She has shorted this one in the past. Have the lumpiest quarters on the planet. Every year there is always one quarter where they hugely disappoint.

2009-04-02

SELL

2.100

David Driscoll

Every quarterly earnings report he has seen in the last 2 years continually gets worse. Claims in their Lincoln Financial are greater than the premiums.

2009-03-20

Comment

2.500

Jeff Parent B. Eng. FCSI

Fundamentals are not very good. A lot of analysts have been downgrading this. Chart doesn't show a lot of support. Now pulling back fairly strong and he wouldn't be surprised to see it drop another $.50. If it breaks below $2, wouldn't be surprised to see it hit $1.

2009-03-18

Comment

2.140

(Market Call Minute.) High risk but could be a huge gainer.

2009-03-12

HOLD

1.840

Now in restructuring. A dissident shareholder group has caused some changes at the board level. Made an error in acquiring Lincoln National. Parts are probably worth more than the current market price.

2009-03-10

HOLD

6.400

Robert Floyd

Real problem has been the US operations. Has been an erosion of capital but they have been shoring it up and have made a few sales of some of their assets. Well run company for the most part.

2008-10-30

BUY

8.420

Recently been buying more. Stock was oversold and is selling at half of BV. Historically have been this low in the past but moved up to be selling at 1.5X BV. US subsidiary Lincoln caused most of their grief and hopefully this is now over. Core underlying earnings of roughly $.40 a quarter but with write-downs this year will be flat. Expecting earnings to be well in excess of $1 maybe $1.50 next year and going forward.

2008-08-14

SELL

9.610

Pierre Bernard

(Market Call Minute.) Too complicated.

2008-05-21

SELL

12.280

Insures bad drivers. Have had tremendous problems with their US units, particularly in taking reservations for accident claims that are inadequate.

2008-02-19

DON'T BUY

12.080

Robert Floyd

Faced some issues in terms of write-downs and under writings that where over extended. Management is changing. Underwriting has been aggressive. Will probably have to show a couple of quarters of improving fundamentals before it will start moving forward.

2008-01-15

SELL

12.390

Bill Carrigan

(Market Call Minute.) Wouldn't touch this one now. Something is still wrong.

2008-01-09

BUY

12.480

John Stephenson

Have had to take all kinds of reserve hits on one of their US holdings, but the stock has been largely oversold. Has a BV of about $17.50, so is selling well under book value.

2008-01-08

Comment

11.220

Ross Healy

Getting down to a level where it is beginning to be quite interesting. FMV for the stock is quite a bit higher. Have to wait to see if there's going to be any earnings forecast breakdown.

2007-12-20

HOLD

16.050

Fred Ketchen

The problem with this company seems to be in their US operations and they have some challenges there. Give them a little bit more time to work through it.

2007-11-27

DON'T BUY

18.350

Laura Wallace

Has had a disappointing performance, markets are tough in the US. Preference is to go with a larger cap name, although it is near book value which makes it more tempting.

2007-10-15

DON'T BUY

19.510

John O'Connell, CFA

Property/casualty insurance. Have a lot of assets and revenues in the US, which can hurt them. Would be wary of property/casualty companies as their liabilities can come very quickly.

2007-08-27

WAIT

19.710

Peter Gibson

Its valuation is such that it looks very inexpensive. Needs are little more profit growth. His “ price momentums techniques” is telling him to wait. Interest-rate sensitive.

2007-07-16

BUY

20.000

Very Cheap. Aggressive auto insurance, insuring the higher risk drivers. This will occasionally cause bad quarters when lots of accidents happen. Worth having in your portfolio because it's statistically so cheap. Sell at 24 or 25. This is a trading stock.

2007-06-05

SELL

20.520

Pat McHugh

Involved with high-risk insurance. Has been having some problems. Recently had a quarter with a negative earnings surprise.

2007-05-28

Comment

21.540

Would prefer ING (IIC-T), which has a better growth profile. Prices on Property & Casualty have been softening a little bit. Feels we are at the tail end of the current cycle.

2007-04-02

BUY

20.900

Paul Harris, CFA

In the high-risk side of insurance. A very well run company, but volatile stock. Probably a very good buying opportunity.

2007-03-16

BUY

22.280

David Driscoll

High risk play in the insurance industry. Has opportunity moving forward in both auto and trucking. Shows significant opportunities.

2007-02-15

BUY

22.930

Company had an enormous credibility problem 2 or 3 years ago, because they had under-reserved for accident claims. Was clean for a couple of years, but took substantial losses in the last quarter, which killed their earnings. Doesn't expect it to pop back before the fall. If you are a patient investor, this is not a bad entry point.

2007-02-13

BUY

24.010

Specialized insurance. Just acquired Mendota Insurance in the US. Believes that more than half of their business is done in the US. The stock has been fluctuating between $23 and $25. Excellent management. The market seems favourable to Property & Casualty insurers.

2007-01-29

DON'T BUY

24.310

John Manley

Has had a gentle downtrend since October and has formed a bit of a channel. The last little while, it seems to be trying to form a higher low. Has held the 200 day moving average quite well.

2007-01-24

WATCH

25.300

Larry Berman CFA, CMT, CTA

Likes the company, management and the financing of the business. There’s a lot more credibility in management. Will be interested in seeing the ING results tomorrow and what is going on in the P&C business.

2006-11-08

BUY

25.600

Jeff Parent B. Eng. FCSI

Made new highs in October. 1st step is for it to go back to the $27 level on good volume. Not too much downside. Profit takers have been active in the last couple of weeks. Don't let it drop below $25.

2006-11-02

BUY

26.600

Has a very good long-term chart. Can see a few more dollars on the upside before strong resistance comes in.

2006-10-11

HOLD

26.160

Feels the hard pricing on casualty insurance is coming down and competition will get tougher. Still likes this one. Good valuation. Near the end of a cyclical run in pricing, so upside gains are going to be less. If you have some gains, which consider lightening up a little.

2006-09-27

DON'T BUY

20.520

An excellent company in a tough business. Sub standard underwriting business with high margins. Prefers life insurance over property and casualty. Too volatile.

2006-08-03

WEAK BUY

20.100

Based on the market they are in, they look a little more stable than some of their competition. Have done a really nice job over the last couple of years. Earnings growth could be a little more challenged over the next year or two.

2006-07-31

PAST TOP PICK

20.650

(A Top Pick Mar 3/05. Up 3.3%.) Extremely cheap. Extremely cheap at 7 X earnings. Lots of upside over the long-term.

2006-07-26

BUY

19.650

Gavin Graham

Insure drivers who have difficulty getting insurance. They charge higher rates. One of their difficulties was that they were the only property/casualty companies until they started getting competition from ING Canada. A well-run company.

2006-07-06

DON'T BUY

19.500

Peter Gibson

3 companies, Brookfield Asset Management (BAM.A-T), Home Capital (HCG-T) and Kingsway Financial (KFS-T) have been great calls for the last couple of years and all 3, in the last couple of months, have started to show weaker characteristics. Most of it is probably due to higher interest rates and prospects in the real estate market.

2006-06-22

DON'T BUY

20.050

Likes management and the company. They have had a “hard insurance” market for the last couple of years. There has been a little more competition coming in.

2006-06-07

TOP PICK

20.550

Non-standard auto insurance industry. The rap against them was that they had under reserved for losses. In the last few years their reserves have proven to be ample. Making money on the insurance part and with higher interest rates, they are making money on investments. Good price.

2006-06-06

BUY

22.150

Good disclosure and easy to understand. Prefers this to Fairfax Financial (FFH-T).

2006-05-25

BUY

23.200

Ron Meisels

This stock has done very well. There is a positive trend. Financial companies are doing well. It could go to the high twenties.

2006-03-02

WATCH

24.570

Ross Healy

Not a fan of the financials, but this is one that has some upside potential. Fair market value is $41. Running right up against pretty tough resistance at about $24/25. It needs to break out here and if it does, that would be the time to buy.

2006-02-06

DON'T BUY

24.650

This company has been amazing. They have been in a good part of the property/casualty market. Very well managed. The valuations are relatively high right now. Would look for a pullback of 20% or more before buying.

2006-02-02

HOLD

24.130

They are in the dodgy end of the automobile insurance industry. A few years ago, they had under reserved and the stock was punished unmercifully and it took them 2 years to get out of the penalty box. They are now achieving a value comparable to their peers on a price to book value basis. Close to fair market value.

2006-02-01

HOLD

23.790

And excellently run company. The property/casualty companies are fairly volatile. Would prefer another financial institution such as ING (IIC.L.V-T).

2006-01-31

PAST TOP PICK

21.800

(A Top Pick Sept 12/05. Up 4%.) Looks very cheap. Seem to have got it right for a whole bunch of quarters in a row. Could be $27 stock.

2005-11-21

TOP PICK

21.800

Werner Muehelemann

Expectations for earnings are very low. The market is expecting the same earnings as this year for next year. Stock is trading around 7.8 X next year's earnings, so it's extremely cheap. Thinks they can beat the earnings out there.

2005-11-21

TOP PICK

20.560

Bill MacLachlan

Just announced a buy back of 5% of the shares. A stock that is shareholder friendly. Very cheap at a little more than 7 X earnings. It's in non-traditional auto insurance. Have very little reinsurance risk.

2005-11-04

TOP PICK

20.980

Non traditional auto insurance in both Canada and the US. Very small exposure/loss to the hurricane Katrina. Stock was a little bit weak on that basis. Trades at not very much above book and at single digit earnings multiples.

2005-09-12

BUY on WEAKNESS

20.800

Paul Harris, CFA

In a very competitive area from a pricing point of view, but are one of the premier companies in the non-standard auto. A volatile stock. Well run. Fairly priced at these levels. If you see a hiccup, it would be a good time to buy.

2005-06-30

TOP PICK

20.560

Looking at financial services, it's by far the cheapest stock. They'll earn $2.50 this year. Looks like some decent growth. 8 X earnings.

2005-06-17

BUY

21.180

Had a terrific quarter. For the first time ever, it actually reversed reserves it had made for accidents. Strong management and the stock still has some way to run.

2005-06-09

PAST TOP PICK

19.910

(A Top Pick Mar 29/05. Up 7.3%.) Very pleased with their latest results. Reversed some reserves that they had. Premium growth wasn't very high.

2005-05-24

BUY

20.090

Thought they had terrific earnings and the stock went up---for about 10 minutes. Irritated that the market didn't acknlowledge it. A good buy.

2005-05-10

PAST TOP PICK

19.190

(A Top Pick Feb 28/05. Down 3%.) Waiting to see what this quarter brings. There were some pretty good earnings from Allstate (ALL-N) which leads him to believe that this company will have a pretty good quarter. Thinks the stock is cheap on a fundamental basis.

2005-04-21

BUY on WEAKNESS

19.290

A high risk insurer for uninsurable drivers. This can be very profitable. Had hiccups during their expansion in the US last year. A good entry point. Try to buy on a weak day.

2005-04-20

TOP PICK

18.550

Increased their reserves. Was really put in the penalty box and fell off the cliff about a year and a half ago.

2005-03-29

BUY

18.180

Bill MacLachlan

Think highly of this company. Has a lot of potential. Pull back gives a good opportunity to BUY.

2005-03-24

BUY

18.320

Gavin Graham

Does a really good job in a high risk driver area. Flush with cash. Price has dropped, so it's a buying opportunity.

2005-03-22

BUY

19.240

Ray Steele

Outlook is quite positive. Met their expectations on earnings.

2005-03-17

TOP PICK

19.930

Will be a good growth potential this year. Costs have gotten under control.

2005-03-03

TOP PICK

19.420

Bill Shaw

Had some issues with their reserves, but thinks that is finally behind them. The combined ratio (ratio of expenses paid out to premiums taken in is finally getting a little more respectable and is now below 100. Forcasting $2.50 in a go forward basis. Just instituted a dividend of roughly 1%.

2005-02-22

HOLD

19.950

Gettin close to being fully valued.

2005-02-16

DON'T BUY

19.700

Just announced some great earnings and if you look deeper into the earnings, they had a zero tax rate which is how they hit their EPS number. The problem in the short term is that some of their insurance markets are starting to roll over. A cyclical business.

2005-02-14

BUY

19.800

A really good company. The steps that the Ontario government have taken to crack down on fraud have been beneficial.

2005-02-08

HOLD

19.210

Veronika Hirsch

Has had so many disappointing quarters that the market is cautious and not favourably inclined to management. The cycle has turned. If you own, give them another quarter. A cheap stock.

2005-01-28

PAST TOP PICK

18.400

(A Top Pick Oct 12/04. Up 9.5%.) All results in 2004 have exceeded expectations.

2004-12-16

TOP PICK

18.530

Management has been able to stabilize the situation. The basic insurance business is operating profitably plus they have got their investment business on top of that. Cheap. Good growth.

2004-11-24

BUY

18.630

PE ratio is around 9. Has solid 4 quarters of results in both revenue and profit growth, but the stock doesn't move in relation to this. Has a bit of a credibility issue the last couple of years. Very cheap. Should break out of this trading range.

2004-11-11

BUY

17.700

Ray Steele

With all the problems of Enron, hurricanes, etc. insurance companies have been able to raise their rates. Outlook continues to be quite positive.

2004-11-03

BUY

16.250

A good time to buy.

2004-11-02

TOP PICK

16.800

Lost a lot of credibility a year ago when they were forced to take higher reserves for accidents. Think they have their act together now.

2004-10-12

WEAK BUY

16.560

Gordon Higgins, CA, MBA

Have had a lot of misses. Trying to build credibility. Looks cheap but watch out for the Whoops factor. Once they get a few good quarters, the stock could appreciate 20%.

2004-09-30

WEAK BUY

15.110

An excellent company. The Property/Casualty area is very volatile. The earnings stream can also be volatile.

2004-07-27

BUY

15.190

Good value here. Expects their earnings will be fairly good going forward.

2004-07-26

TOP PICK

15.300

Bill Shaw

Reserve issue is being resolved. May see lift in stock price. Trading at 7.5 times percent forwards earning.

2004-06-11

DON'T BUY

14.600

Brian Acker, CA

Tend not to buy insurance companies. Specializes in high risk drivers and are very cyclical in nature. Could treat as a trade between $13.60 and $17.

2004-06-03

TOP PICK

14.600

Larry Berman CFA, CMT, CTA

Huge growth. Finally seem to be getting their combined ratio under control in the last quarter. Earns $2 this year and $2.20 next.

2004-06-03

BUY on WEAKNESS

14.830

Likes it technically, but it has been stuck in the mud. Has as significant overhead resistance at around $16.

2004-05-31

BUY

14.900

Has expanded rapidly over the last several years which has resulted in a lot of volatility. Started to see some improvement in the last quarter. Very attractively valued.

2004-05-25

PAST TOP PICK

14.950

Jonathen Wellum, B. Comm, B. Sc

(Past top pick Feb 9/ 2004 up 1.5%) This company is doing well. Hoping to see good results in combined ratio. Potential for real profit. Maintaining hold.

2004-03-30

DON'T BUY

15.050

Kyle McKay

Has been a very troubled company. Some credibility issues with management.

2004-03-09

DON'T BUY

14.900

Peter Hodson

You never know what problems are going to hit, so not happy about the reliability. They consistently miss earnings, there's always questions about accounting and their reserve situation is very unclear.

2004-03-02

DON'T BUY

15.000

When buying insurance companies, you have to make sure they are astute at pricing risks. Basically has grown through acquisitions. Too many adjustments to their reserves.

2004-02-20

WEAK BUY

14.900

A good entry point. Numbers were disappointing last week in that they had to increase their reserves. Its trading at almost book value.

2004-02-19

TOP PICK

14.370

Participates in a less price sensitive part of the market. Selling at close to book value of $13. Profitable company.

2004-02-09

VAGUE

14.460

Gavin Graham

Well run operation. Never going to have a high multiple, because of the nature of the business.

2004-02-03

DON'T BUY

14.230

Brian Acker, CA

Model price of around $25. Not big fans of insurance companies.

2004-01-30

TOP PICK

14.080