As I've remarked more than once in recent months, the melt-up in the insurance sector has taken most of the value out of the sector. So it would seem to be with Allied World Assurance (AWH). I really like what this company has done with its transition towards small/mid-market specialty casualty underwriting, and I think the company's reserve quality and balance sheet are both high quality. I also like the company's plans and prospects for ongoing premium growth in a variety of specialty niches and segments. All of that said, even projecting double-digit earnings growth and ROE isn't enough to generate a truly compelling fair value today.
Focused On The U.S., Smaller Accounts, And Specialty Casualty
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