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.
Read more here:
Allied World Has A Good Story, But Less Value
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