Research library · Insurance
Insurance: the moats, the numbers, the verdicts.
4 companies covered. Every report re-run after the latest earnings.
You are paying about 8.9x forward earnings and roughly 1.1x book for the most underwriting-disciplined private mortgage insurer in the US, a business throwing off about $720M of an
Cincinnati Financial Corporation CINF
Cincinnati Financial posted its best earnings quarter on record and lost money underwriting insurance at the same time.
Loews trades at ≈$114 with a $23.6B market cap, roughly 1.26x book, while owning 92% of CNA Financial (public market value ≈$11B), the entire Boardwalk Pipelines franchise, Loews H
Marsh & McLennan Companies, Inc. MMC
You are paying about 17.7x forward earnings for the largest insurance broker on earth, an asset-light franchise that converts roughly 90% of operating cash to free cash flow and ha