Key points from the note:
- Insurance groups, including brokers and property and casualty (P&C) insurers, are leading within U.S. Financials.
- Insurance, a defensive industry group, has outperformed during historical market weakness.
- We like excess and surplus line (E&S) players and brokers in the insurance space due to their high pricing power and asset-light business model.
- Refer to pages 9–14 for annotated Datagraphs® of select insurance companies within these groups. Ideas in bold are part of our U.S. Focus List.
- E&S players: PLMR, SKWD, and BOW.
- Brokers: BRO, RYAN, and GSHD
