Citi adds 9 insurance stocks to coverage; Arthur J. Gallagher is top pick

Businessman hand holding yellow umbrella over crowd on blurry dull sky background. Risk, protection and safety concept.

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Citi on Thursday added nine insurers to its coverage, saying their business model is attractive but acknowledged their elevated valuation levels.

"Heading into 2023 we believe property insurance and casualty brokers are a lower-risk, defensive group favorable to

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