Seeking Alpha
Editor's notes: AWH is still in the early stages of the insurance profitability cycle. With its share price tracking tangible book value, the stock has limited downside and 20% upside.

Allied World Assurance (AWH) is a Bermuda based property and casualty insurance and reinsurance firm with a unique (OK somewhat unique) characteristic for today's market; it still has a reasonable valuation. The $3.12B firm trades around $93/share, giving it a ttm P/E of 9.8x, and a price/tangible book value of roughly 1.0x.

So why is the stock so cheap, and should you be calling your broker right now?

If you don't hold any other insurance stocks, the answer should be a resounding 'yes'! If you do hold other insurance stocks, then the answer is still probably 'yes', but keep reading anyway to see if your favorite insurer has a leg up on Allied.

Allied is a good company...

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