They have had problems with some insurance businesses. They have been restructuring and exiting some unprofitable lines. Because of the long tail of past underwriting it might take a few more quarters/ years for this to fully run off.

In the meantime some activist investors like Jana Partners are agitating for them to sell the non-insurance businesses and buyback shares. They have already stepped up buybacks and am sure are continuing to do so as current share price is lower than last quarters average buyback price. I am glad they don’t pay a dividend and can buyback even more shares.

Maybe BRK can buy them. Then they could get a boost to 1,45 PB from 1.17. There is even room to pay 20% over current market price and still be accretive.