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Amlin - Undervalued Insurer With Better Than Berkshire Track Record And 6% Dividends

Company background

Amlin PLC (OTCPK:APLCY) is an independent insurer/reinsurer listed in London stock exchange under ticker AML. It is a £2.2bn market cap company with trading volume of c. £3m daily, thus providing sufficient liquidity for those considering larger positions (OTC listing in US has hardly any volume).

The company was founded in 1998 through a merger, of Angerstein Underwriting Trust and Murray Lawrence syndicate. However, the oldest part of the business (K J Coles Syndicate) dates from 1903.

Amlin's areas of operation are Catastrophe Reinsurance (40% of GPW in 2013), Marine and Aviation Insurance (20%), Commercial & Domestic P&C as well as International P&C (14%). Geographically the company operates globally with main markets being North America (34%...

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