- The property-casualty insurance cycle is "petering out," says the team, noting "outright softening" in reinsurance pricing, a leveling out in commercial-insurance price gains, decelerating personal line pricing, and flat auto-insurance prices (home-insurance prices remain on the rise).
- Still, Sandler's Q3 estimates remain above consensus, mostly because of the lack of catastrophe losses, and the firm has Buy ratings on ACE, AIG, ALL, TRV, and XL.
- American Financial (AFG -0.7%) is downgraded to Hold - a valuation call after a big run has the stock near Sandler's $58 price target.
- Price targets on ProAssurance (PRA -1.3%) and State Auto Financial (STFC -0.5%) are cut $2 to $47 and $1 to $20, respectively.
- Relevant ETFs: KIE, IAK, KBWP, KBWI.
From other sites
at CNBC.com (Oct 21, 2014)
at CNBC.com (Jul 1, 2014)
at CNBC.com (Jun 4, 2014)
at CNBC.com (Jan 26, 2014)
at CNBC.com (Oct 18, 2013)
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