January 2007 addition of 'Money Observer' carries an article titled 'Shares tipped for big gains in 2007'...Patrick Edwardson of Baillie Gifford tips Royal Bank of Scotland (RBS) and Highway Insurance (HWY). About Highway insurance the statement is made that 'improving conditions in the UK motor insurance market should be the catalyst for a rerating. HWY is trading on seven times 2007 earnings per share and offers a 7.5% yiels. The shares are grossly undervalued'
As always, time will tell, but I hope he's right!!!