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.
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.
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
Q3:17 MI Review and Comp Sheets
With ongoing private MI new insurance written (NIW) market shifts, this quarter we have taken a deeper diver into sub-segments of NIW in order to get a better idea of the drivers of quarterly movements = we are now looking at shares within monthies and singles, refi and purchase activity, LTV segments and the 740+ FICO market. We have also looked at each company's position within these segments relative to its overall market share, which can help us gauge if share may be occuring due to a mix shift at a given company and alert us to changing stances in areas such as 95% LTVs and lower FICO categories. We hope that such analysis can help us ask better questions about share shifts and risk profiles moving forward. See our full review.