Steve is mentioned in this press release by his company
“Insurance company stocks show a strong positive relationship between their prospective return on equity and price-to-book multiple,” said Stephen Mildenhall, executive vice president and chief actuary at Aon Re Services. “This relationship is far steeper for a company that has produced a stable stream of earnings than for one which has had one or more earnings hits. Our study clearly shows the value in effective enterprise risk management and risk transfer programs.”
Steve works for a reinsurance broker. This press release says that companies with less volatile earnings are worth more. And the way to make earnings less volatile is to buy reinsurance (of course!)