I like insurance companies and I especially like companies like Arch Capital (NASDAQ:ACGL), Argo (NASDAQ:AGII), and W.R. Berkley (NYSE:WRB) that do things a little differently than the typical insurance company. Well, State National (NASDAQ:SNC) may take the cake in that respect, as this is a pretty unusual insurance company compared to most publicly traded "P&C" insurance companies. While I do expect competition will limit returns to some extent, I think State National can maintain mid-teens ROE and generate enough adjusted cash earnings growth to support a fair value close to $16 today.
Read more here:
State National May Be Unusual And Almost Unknown, But It's A Business Worth Following