some will collapse as you call it paper loss

1) “Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down” – Warren Buffett 2008 Annual Shareholder Letter.
*For KenyaRe, I do caution that it is GoK-controlled so be very careful. Even though it is a "core" holding and I picked up some recently at 11-ish, it is NOT for the faint of heart. I got heavily into KenyaRe during the Kibaki era when there seemed a wind of change was blowing through the land

2) The Reinsurance Business is simple at its core but based on very, very complex calculations and assumptions. Ironically, for a business that is based on risk, taking inordinate risks is very risky. KenyaRe is NOT for everyone. The "profits" will NOT increase in a linear fashion. Expect AWFUL losses in some years. .

I do NOT understand it. I try to understand it. I hope I understand enough of it to profit from it.

As a long-term shareholder, SUSTAINABLE PERFORMANCE over the long-term is more important to me than gyrations in the price.

Do NOT buy KenyaRe if you have a "time-based goal" in mind e.g. cashing out in 5 years. There is no set timeline/period. Of course, I do want to cash out in the future but I do not have a timeline.

Only buy KenyaRe at 11 if you would have bought them at 11 even if you had no KenyaRe at 20.
Buy any share, at whatever price, on its own strengths rather than trying to average down.

I am not a fan of GoK firms but 11 is very attractive and I got myself some more. This is for the very patient investor.