ALL THE TIME.
Comprised of 15 analysts, our Equity Research team is in constant contact with management of both public and private companies to keep our clients abreast of industry trends and new developments. Our boutique model of “all insurance, all the time” allows our dedicated five person sales team to respond to our client’s needs quickly and provide timely access to senior research analysts.
autonomous cars: the future is becoming clearer
We believe it’s a matter of “when” not “if” as “driverless vehicles” dramatically reshape the auto insurance industry with profound implications (negative) for the auto insurance-dependent insurers (e.g., GEICO, Progressive, Allstate).
For nearly 10 years, IBankers have predicted the coming wave of consolidation. We remained skeptical given the “social issues”.… and then came “The Tipping Point” in June 2012 and the world began to change. With the added “help” of continued low interest rates and a lack of significant catastrophe activity over this time period, the “Bermuda” market has moved swiftly through the phases of Denial → Justification → Acceptance → Panic? The Endurance / Montpelier acquisition marked the 4th “Bermuda” acquisition / combination announced in just the last 4 months, as the scramble to “pick your partner, rather than have your partner picked for you” ensues.
Click for Full Report
With the recently filed U.S. Statutory Statements, we have now completed our analysis for reach of the publicly traded U.S. (re)insurers in our coverage universe. See IBNR UNDERCoverage #14_2015 for our summary views, with opinions “bucketed” into bands = More Likely Deficient, Approximately Adequate, Likely Redundant, and Comfortably Redundant. Our “view” changed YOY on only a few: For Allstate, Cincinnati Financial, Global Indemnity, Kemper, ProAssurance, and W.R. Berkley, our estimate of their reserve positions have been reduced marginally; while we feel incrementally more positive on our opinion of American Financial, Hartford, HCC, Horace Mann, Infinity, Navigators and Travelers.