北美财产险与经纪人：管理团队问题

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1、CreditSuisseEquityResearchAmericas/UnitedStatesP&CInsurance/BrokersTimeSaver–UpcomingP&CConferencePrep:QuestionsForManagementTeamsFebruary8,2019RESEARCHANALYSTSMikeZaremskiP&CInsuranceAnalyst+1212.325.5061michael.zaremski@csg.comRobCoxP&CInsuranceAssociate+1212.325.2776rober

2、t.cox@csg.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSURE,ANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeaware

3、thattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.1.CoverageCompSheet2.ManagementQuestionsqP&CInsurers:•ArchCapital(ACGL)•Allstate(ALL)•ARGOGroup(ARGO)•CincinnatiF

4、inancial(CINF)•HartfordFinancialServices(HIG)•EverestRe(RE)•RLICorp(RLI)•SelectiveInsurance(SIGI)•Travelers(TRV)•W.R.Berkley(WRB)qInsuranceBrokers:•ArthurJ.Gallagher&Co.(AJG)•AONPLC(AON)•Brown&BrownInsurance(BRO)•Marsh&McLennan(MMC)•WillisTowersWatson(WLTW)KeyRecentReports:•

5、(Slides)OurTopThreePredictionsForP&CInsuranceIn2019•P&CInsurance:CatastropheLoadConfession:MostP&CInsurers'EarningsPowerAppearsOverstated•KeyInsightsFromLunchWithCS’sCorporateInsuranceBuyers•SizingUpHIG’sSensitivityToTheEconomy+APreviewOfThe2019Outlook•WLTW:PositiveBrokerageI

6、ndustryBackdrop.WLTWTooDisliked-UpgradingtoOutperform•CourtIsInSession:EvolvingLawsuitFundingLandscapeHoldsRisksForP&CStocks•InsuranceBrokers:M&AArbitrageBenefitToContinue-PositiveCatalystForAJGAndBRO•IncreasingInsuranceBrokerValuePropositionApparentinRecentM&A•WhyEveryP&CInv

7、estorNeedsToKnowP&CPricingDoesn'tTellTheFullStory•P&CInitiation-ChangeIsComing+Slides:AutoInsurance2.0IsHere;AdopttotheDigitalAgeorFallVictimtoAdverseSelection:InitiatingCoverage2CreditSuisseP&CInsuranceCoverageUniverseCurrentPriceTargetPriceImpliedMktCapPricePerformanceCSOpe

8、ratingEPSRATINGTickerReturn($b)YTDQTDNTM2019E2020EPrice/EarningsNTM2