for an insurance company, book value is the number

one factor, since you can't write a policy without adequate book value, so book value not only speaks how much you are worth, but also how much business you can have.

When I see a write up in the ER, I will believe that book value is not cooked, otherwise why bother to write down first, damage yourself first, then write up.

of course there are more factors coming when it comes to value a company. When I am buying ABK and MBI, number one factor is insider transactions and pro value investors involvement like third avenue, davis select ... Book value comes second.