Are the Reinsurance Companies Valuable as Cash on Balance Sheet?

nat: Re insurance companies are valued basically as the cash on their balance sheet. And they're saying, i want to get back into the industry, or back into the market, i need a new view of risk and i'll mean to do it with kettle. So if we don't give yu a return, we don't really get paid. If we do well, we're going to get a lot tof carry. That's how it works. Nat: How is it that kettle is going to accrue enterprise value when typically reinsures are basically just valued as thecash on hand? Well, bhen, you've got right to the heart of the the theory. We