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Aspen Insurance Holdings Ltd. (AHL) is a Bermudian insurer and reinsurer founded in 2003. Aspen is of interest for a few reasons: it is relatively cheap, shareholder friendly, diversified and historically prudent. Like many of the insurers I've covered recently, I would expect the shares to perform well in the market, although some of its competitors have better earnings records and therefore possibly better prospects. So, while not best in class, Aspen Insurance still ought to sell at least at book given its historical earnings. With tangible book (ex-preferreds) of $2,850 and a market capitalization of $2,520, we have a discount of 13% from book value. This tangible book, we will see, is pretty trustworthy given the corporation's...

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