During our May 9, 2023 Open Forum, we discussed a microcap insurance company that was just announced as our idea of the month.  While we normally do not love insurance companies, valuation, management commentary and market expansion potential are worth exploring with our newest idea of the month. 

Here’s what we have so far: The company is profitable, Shares trade below tangible book of $3.77, TTM P/E of 6.8x, Q1 Run-rate P/E is 5x, Similar players have been acquired for over 3x the tangible book, Large cash infusion from asset sale will increase the number of policies that can be written, Under-penetrated market presence.