Industries
Insurance
All research in Insurance — 17 reports.
46/100
Erie Indemnity Company: In-Depth Research from a Long-Term Business Owner's Perspective
Erie Indemnity is a high-quality insurance management fee platform that earns management fees as a percentage of premiums around Erie Insurance Exchange. The core thesis is a clear business model and strong cash flow quality, offset by a $213 share price near the lower end of neutral intrinsic value, limited margin of safety, non-voting public shares, and uncertainty around management-fee litigation. Research rating Watch: a durable business, but the ideal entry point is $160 to $180.
40/100
Globe Life Value Investment Research
Globe Life is a life insurer built around a durable in-force policy pool and disciplined buybacks, serving primarily low- to middle-income U.S. households. The core thesis is that reported free cash flow may overstate true owner earnings, while the current price near $153 sits around the middle of fair value with limited margin of safety and an ideal buy range of $120 to $135. Research rating Watch: a respectable business at a reasonable price, but not yet a compelling entry point for conservative long-term owners.
39/100
Everest Group In-Depth Value Investment Research
A global P&C reinsurance and commercial insurance underwriting platform that earns underwriting profit plus float investment income through a moat combining ratings, capital strength, and broker relationships. The business is understandable, but earnings swing with catastrophes, long-tail reserves, and the reinsurance pricing cycle; at about $324 the stock trades at 0.84x book value and 6.6x trailing-twelve-month P/E, cheap but cheap for a reason, without a thick enough margin of safety. Research rating Watch: worth tracking, with an ideal buy range of $260-290.
47/100
W. R. Berkley Corporation Research from a Long-Term Business Owner's Perspective
W. R. Berkley is a high-quality commercial P&C insurer with strong underwriting discipline and ROE above 20% for four consecutive years. The core thesis is attractive business quality, disciplined capital allocation, and durable specialty-insurance execution, offset by a 2.46x P/B valuation that already embeds a quality premium and leaves limited margin of safety. Research rating Watch: a fair buy range of USD 50-58 looks more appropriate for balanced, moderately conservative investors.
41/100
Prudential Financial In-Depth Value Investing Analysis
A leading U.S. diversified financial group plus the PGIM global asset-management platform, with AUM of $1.609 trillion; 2025 operating ROE of 14.9%, adjusted P/ABV of 1.03x, and 18 consecutive years of dividend increases. Valuation ranges of $85-100 / $100-120 / $120-135 vs. a current price of $102.62, with an ideal buy of $80-92; the discount from the Japan governance event is still being worked off. Rating: Watch.
41/100
The Hartford Financial Services Group Deep Dive: A Quality Insurer, but the Margin of Safety Is Thin
A U.S. insurance and benefits platform with strong underwriting discipline and steadily growing book value. At around $135 the stock is only fair-to-acceptable; its 9.5x PE rests on peak-level earnings, leaving a thin margin of safety, with an ideal buy range of $105-120. Rating Cautious Buy: a quality insurer priced fairly rather than deeply undervalued.
40/100
MetLife: A Deep Value Investing Analysis
A globally diversified leader in life insurance and retirement solutions with balanced contributions across six segments; at $83, the stock sits near the upper conservative bound and lower fair-value bound, with an ideal buy range of $70-78 and not enough margin of safety.
44/100
Travelers Companies Deep Value Investment Research
A large U.S. property-casualty insurer with 2025 ROE of 21% and core ROE of 19.4%, as underwriting discipline and investment income rise together; at the current $306.46 a quality premium is already priced in, and only an ideal buy of $250-280 leaves a margin of safety.
45/100
Progressive: A Long-Term Owner's Perspective
A high-quality property-and-casualty compounding machine with strong underwriting discipline, dual-channel distribution, and high-quality float. At 2025's 87.4 combined ratio and roughly 3.64x PB / 10.15x PE, the market has already fully priced in a long continuation of high ROE, so it reads more like a good company than a good buy. Rating Watch: ideal entry $130-155.
47/100
Chubb Deep Value Investment Analysis
A high-quality global P&C insurance group. Chubb combines disciplined underwriting, rising investment income, and a diversified global franchise, with a full-year 2025 combined ratio of 85.7% and Q1 2026 at 84.0%. Rating Watch: at $328.25, the stock sits near the midpoint of a fair value range of $300-345, while earnings are near a cyclical high and the margin of safety is not obvious; the ideal buy range is $260-290.
40/100
Assurant Specialty Insurance & Protection Platform Research
Assurant is a segment leader in mobile device protection, auto protection, and homeowners insurance, with 2025 revenue of $12.81 billion. Global Housing carries cyclical exposure, and at the current price of $255 the stock sits near the low end of fair value. Rating Watch: a solid business without a clear margin of safety.
46/100
Arthur J. Gallagher Insurance Brokerage M&A Compounder Research
AJG is the world's third-largest insurance broker, with 2025 revenue of $13.94 billion and an extremely diversified client base. After the large AssuredPartners acquisition, the market has already priced in integration synergies, while the current $204.75 share price implies a static PE of 33 times and does not offer clear odds. Research rating Watch: a high-quality compounder worth close tracking, but the current price leaves limited margin of safety.
44/100
Aon Risk and Human Capital Platform Study
Aon is a global risk and human capital advisory-plus-distribution platform, centered on insurance broking, reinsurance, health benefits, and retirement consulting. The business is high-quality and understandable, with sticky client relationships and strong cash generation, but at the current $324.78 and a 17.8x P/E it sits in the upper half of its fair-value range. Rating: Watch—high quality yet not obviously cheap, worth tracking rather than chasing at this price.
42/100
Allstate: Personal P&C Insurance and Protection Services Study
Allstate is the third-largest U.S. personal property & casualty insurer; its 2025 combined ratio of 85.2% sits at a multi-year low; at the current $216.60 the stock falls within the fair-value band, its strong earnings carry an underwriting-cycle tailwind, and the margin of safety has thinned.
42/100
AIG: Property-Casualty Insurance and Capital Return Study
AIG has completed its slim-down into a pure P&C insurer: a 2025 combined ratio of 90.1% and $5.8 billion of buybacks; but its 11.1% core ROE still lags Chubb/Travelers/Hartford, and at $77.05 it lacks a margin of safety below the lower bound of conservative intrinsic value.
44/100
Aflac Supplemental Insurance and Japan Market Study
Aflac is the leader in supplemental insurance in Japan, where the country contributes 69% of profit and where brand and channel barriers run deep; the current $117.86 is already near the upper edge of the fair-value range and lacks the margin of safety conservative investors require.
45/100
Arch Capital Group Ltd. Deep Value Research
A high-quality insurer built on disciplined underwriting and multi-platform diversification, with book value per share compounding at roughly 16% CAGR over six years and sustained buybacks accreting per-share value. At about $95.87 it trades near 1.45x book, reasonable but only slightly cheap, with a limited margin of safety. Rated Cautious Buy, with an ideal buy range of $80-90.