Raising 3→5. Stock at $67.26, analyst target $80 = 19% upside. Quality P&C insurer in hard market with pricing discipline and specialty focus. Prior conv-3 was too harsh given strong franchise quality. However: P/B 2.79x is stretched, premium growth decelerating (9.3%→6.2%), 5 analyst downgrades (TD Cowen Sell, Evercore Underperform) reflect valuation concern. Upside is 19% which is borderline for entry — just below the 20% threshold for conv-7. Would revisit at $60 (2x book, ~11% upside from entry would then become 33%).
Eagle will generate this view by the next trading session (~7h).
Eagle will generate this view by the next trading session (~7h).
Best-in-class specialty P&C insurer. NPW +6.2% to $12.7B, combined ratio 90.7%, investment income +7.2% to $1.43B. Income before taxes essentially flat YoY ($2.28B vs $2.26B) despite premium growth — ...
Best-in-class specialty P&C insurer with 90.7% combined ratio, 41% insider ownership, and 60 niche businesses. Premium growth decelerating (6.2% vs 9.3%), heavy analyst downgrades. P/B 2.79x after 147...