Brookfield Reinsurance (BNRE.TO)

Behaving really well. Insurance sector's been behaving well over last 3 years. Prefers capital markets banks right now, but nothing wrong with this sector.

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.

It's done extremely well since the company made a major change in 2023 and has exceeded expectations. Almost no dividend, so returns are in the share price. This will continue to do well though now in a consolidation pattern. Good to own.

Unfortunately, Brookfield is looking like the old Brascan empire, a plate of spaghetti, where they spin off all these entities, then buy them back and it's hard to keep track of how many there are. That said, BAM and BN-T are grossly undervalued. The market is overreacting to the impact of commercial real estate BN-T, in particular. Do the swap.