Steven Kiel of Arquitos Capital Management presented his in-depth investment thesis on Westaim (Canada: WED) at Best Ideas 2019.

Thesis summary:

Westaim is an investment company with two subsidiaries: Houston International Insurance Group (HIIG), a specialty property and casualty insurance company that is up for sale, and Arena Group, a growing credit fund. Westaim as a whole currently trades for 20% below book value. They have a shareholder friendly culture, led by investment veterans originally from the Canadian investment company, Goodwood. In addition to its two current subsidiaries, Westaim is pursuing strategic investments in the financial services industry, providing upside optionality. An investment in Westaim gives you access to good capital allocators at a cheap price with low risk.

Listen to this session:

Listen to Steve’s interview with Westaim COO Robert Kittel:

slides session audio interview audio

About the instructor:

Steven Kiel is the president and chief investment officer of Arquitos Capital Management and chairman of Enterprise Diversified (OTCQB:SYTE). He is also judge advocate in the Army Reserves, a veteran of Operation Iraqi Freedom, and currently holds the rank of Major. Prior to launching Arquitos Capital in 2012, Steven was an attorney in private practice. Steven is a graduate of George Mason School of Law and Illinois State University and is a member of the bar in Washington, DC.