Stock price when the opinion was issued
Depends on what percentage it makes of your portfolio, plus what your cost base is. #1 competitor to DFY is IFC. The industry is consolidating more. DFY might have a leg up on IFC, as DFY is smaller and can buy a few more things in Canada.
Cost inflation and extreme weather give him pause in this area. Both well-run businesses, but inclined to stay away. The sector poses some risks.
All reinsurance in property & casualty business. Really expensive in Canada. IFC is the monster, DFY is a newer entrant. He owns none of them. Likes the business, but valuation is too high.