Thanks
TSU will announce Q3 results on November 2, and it estimates operating earnings per share of $0.64 to $0.68, driven by profitable underwriting. Its operating ROE is expected to exceed 20%, an increase from its previous quarter of 19.2%. Book value per share is estimated to be $12.55 to $12.59, a nice jump from $11.53 in the most recent quarter. The run-off program is proceeding as expected, and the company anticipates a $12M after-tax loss in Q3. So far, the market's reaction is fairly positive to these developments, and aside from the negative impacts of the run-off program, the underlying business is growing, demonstrating profitable underwriting and investment income is positive in this high yield environment. We feel that once the overhanging negative sentiment from the run-off is gone, investors can begin to focus on TSU's core business.