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Dowling & Partners Securities, LLC (Member
FINRA) is a Connecticut-based
equity research "boutique" that specializes in the analysis of the
insurance industry. Founded in 1990, our research is weighted toward
the larger publicly traded insurers, reinsurers and intermediaries.
We pay particular attention to balance sheet strength and areas of
sustained competitive advantage, making extensive use of the
statutory books filed with state insurance departments. Our research
efforts include:
(1) Property/Casualty Insurance Equity Research
(2) Life Insurance Equity Research
(3) Health Equity Research
(4) Title, Mortgage and Financial Guaranty Research
(1) Property/Casualty Insurance Equity Research:
We believe our 9 member team makes us the largest group focused on
Property Casualty (P/C) Insurance Equity research. Over the years
our P/C team has consistently been top ranked in many of the
relevant surveys including Greenwich (currently #1), Reuters and
Institutional Investor ("Best of the Boutiques"). Property casualty
research products include:
(1) The IBNR Weekly - a well-regarded weekly newsletter;
(2) Quarterly Earnings Reports;
(3) Quarterly Model Books;
(4) Loss Reserve Analysis;
(5) Arranging management visits/conference calls;
(6) New analyst "training" sessions in our office; and
(7) Sales coverage on industry and company specific trends.
(2) Life Insurance Equity Research: Our Life team currently
covers 12 companies in the Life Insurance sector, with a particular
focus on statutory capital adequacy and balance sheet strength.
Products include quarterly earnings reports, statutory capital
analysis, comprehensive earnings models and the arrangement of
management visits/conference calls. The Dowling Life team includes
Paul Goulekas and Sean Rourke, who is the primary Life Insurance
equity analyst. Mr. Rourke has a decade of sell-side equity research
experience and joined D&P in 2006, having begun his career in Lehman
Brothers' Equity Research business.
(3) Health Equity Research: Our Health team is headed by
seasoned insurance analyst, Paul Goulekas. Our 3 member research
team currently has official coverage on 15 HMOs. Paul has 10 years
experience as a senior analyst and 14 years of industry experience,
including the positions of treasurer, controller, and portfolio
manager in both the life and health industries. Paul consistently
ranked at the top of the Institutional Investor Regional Boutique
ranking for both the life insurance and managed care industries and
has been a Wall Street Journal All-Star analyst. Paul and his team
currently have the #1 ranking for "Best of the Boutiques" by
Institutional Investor.
(4) Title, Mortgage and Financial Guaranty: Our TIMIFG platform,
which currently has official coverage on 11 companies in the financial
guaranty, mortgage insurance, title insurance and real estate services spaces,
is headed by Geoff Dunn. Geoff has 10 years of senior analyst experience in these
specialized area and continues to work on expanding Dowling's coverage of these
groups.
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