How do you define a worthwhile gain?
You are simply looking at the "share price" [BTW, I do not disagree with your conclusion now that the 2022 "eating" brigade is in charge] versus the gains in the intrinsic value over the past 6 years. The NAV (a lot of it in cash/T-Bonds) has almost doubled over 6 years.

Warren Buffett: “Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”

Warren Buffett’s buying wisdom can be condensed into 2 statements:
1) Buy great businesses when they are trading at fair or better prices.
2) This occurs when short-term traders become pessimistic.

KenRe is a great business. It wasn't one for speculators over the past 6 years.
The catch is that a good manager has been replaced by a cabal of crooks.
I (currently) remain hopeful that the cabal is forced to competitively hire a good manager to replace Mwarania. Think KQ. I do not think they will allow Mwarania back. The sad bit about KQ is that Mikosz was brought in AFTER the looting was complete. The same could happen at KenRe.

Buffet also talks about looking at the character of the guys at the top before looking at the books.My reference to worthwhile gains was with in reference to anyone who may want to cash out now.