• Dowling & Partners

    ALL INSURANCE.
    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. 


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    Group Insurance and Employee Benefits Review

    Within the US Life Ins Industry, we continue to favor Group Ins & Employee Benefits business given the attractive risk/return profile & strong cash flow generation.  Additionally, favorable secular trends will support stronger top-line growth prospects for Group Ins & Employee Benefits providers.  1) the tight employement market & the robust business senitment will drive higher wages & more employee benefits.  2) the shift of employee benefits towards a defined contribution model will lead to a growing demand for supplemental & voluntary benefit products.  We argue the companies best positioned are those that focus on small mid case market and/or supplemental & voluntary benefits.  See our full Group Insurance & Employee Benefits Review

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    Retro2... Who's Taking The Retro (ILWs) On Retro For "HIM"?

     

    CATCo's statement that it derived a significant benefit from reinsuracne protections highlighted the opaque nature of the retro market, or more aptly the retro on retro market.  Some of the largest buyers of ILWs are, in fact. retro writers, which makes "following the loss" all the more difficult.  This highly concentrated market will be the most significant driver of any forward market changes = the "known unknown" is the extent of the fallout.  See IBNR #42, 2017

     

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    MI 2018 & Q4:17 Preview: Upgrading ESNT to Buy & Downgrading MIC-TSE 

    Entering 2018, we believe that the pure play MIs present attractive upside opportunities given the tax change benefits, continued strong fundementals, & limited implications from speculated changes under PMIERs 2.0.  Reflecting this thought, we are upgrading ESNT from Neutral to Buy & reitierating our Buy rating on MTG, NMIH, RDN, with the latter presenting the most upside = 28%+.  We remain Neutral on ACGL & GWN, however with the former limited by valuation, and the latter by what we view as an unfavorable risk/reward profile.  Finally we are downgrading the shares of MIC-TSE from Buy to Neutral.  See our full preview for more detail.