How often do we need to repeat that the top quality Lloyd?s insurers are undervalued? Beazley has launched the Lloyd?s 2010 results season with really excellent figures (IFRS pre-tax up 59% to $251m) and a special dividend to return some surplus capital to shareholders and it is still on a PER lower than its yield. In my dim and distant youth this would have been a ?buy? signal for a mediocre company, let alone a high quality one like Beazley.

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