Lancashire Holdings Limited (OTCPK:LCSHF) is a Bermudian short tail insurer operating in Bermuda, London, and Dubai. The shares are traded on the pink sheets, as the ticker indicates, but can originally be found on the London stock exchange under the ticker LRE.L. Lancashire entered the short-tail insurance business after the large losses from Katrina. Its first 6 years of business have been a smashing success and the outlook remains good. The shares are also attractively priced. The company follows, and has followed, a strategy of "if you can't spend the money give it back" and the company has paid out significant capital in dividends over time.
Many of the other insurers I've looked at recently were selling...
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