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By Greg Peel
Calliden Group (CIX) is a start-up insurer risen from the ashes of ReAc or at least the capital from the ReAc run-off. Merrill Lynch analysts met with management and had a good look at the 2004 and 2005 books.
The result is thanks but no thanks – Merrills has reported that it will not be covering the stock because it is not convinced profitability is ensured. Too hard to value, lack of underwriting track record, top of the insurance cycle. Merrills has given this one a wide berth for now.
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