2015 P/C: The S&P Insurance ETF KIE increased 6% in 2014 compared with the S&P 500 Index which increased 11%. Reinsurers were the best performing sub-sector, followed by non-life insurers, insurance brokers, and then life insurers. We expect the non-life sector to face some headwinds in 2015 from less robust industry pricing and depressed new money yields.
Not surprisingly after a stellar 2013, Life insurance investors had a more difficult time of it in 2014 with the SNL Life and Health Index returning 1% (versus 11% for the S&P 500). Interest rates headed back south again while foreign currency weakness was a definite headwind. That said, for the most part, we expect solid growth in 2015 and 2016. While the group as a whole is probably fairly valued, we continue to see opportunities in certain names.
American Equity Investment Life Holding (AEL)
American Equity is a full-service underwriter of annuity and life insurance products with a primary emphasis on the sale of fixed-rate and index annuities.
Argo Group International Holdings Ltd. (AGII)
Argo Group International Holdings is a Bermuda-based international underwriter of specialty insurance and reinsurance products in the property and casualty market.
Atlas Financial (AFH)
Atlas Financial Holdings, Inc., through its subsidiaries, underwrites commercial automobile insurance policies. The company offers insurance for taxi cabs, limousine, non-emergency para-transit and livery and business autos.
Blue Capital Reinsurance Holdings Ltd. (BCRH)
Blue Capital is a collateralized reinsurer that underwrites a diverse book of short-tail property catastrophe collateralized reinsurance contracts.
Crawford & Company (CRD.B)
Crawford & Company is an independent provider of claims management, BPO and consulting solutions to insurance companies and self-insured entities in over 70 countries globally.
Donegal Group (DGICA)
Donegal Group is a provider of a full line of personal and commercial insurance products marketed through a network of independent insurance agencies in 22 states.
EMC Insurance Group Inc. (EMCI)
EMC Insurance primarily focuses on the sale of commercial lines property/casualty insurance to small and medium sized businesses in the Midwest. The company also offers reinsurance and personal lines insurance.
FBL Financial Group (FFG)
Through its primary operating subsidiary, Farm Bureau Life Insurance Company, FBL underwrites and markets a broad range of life insurance and annuities, which are distributed by multiline exclusive Farm Bureau agents.
Federated National Holding Company (FNHC)
Federated National distributes homeowners, commercial general liability, and flood insurance products through over 3,300 independent agents in the state Florida.
Fidelity & Guaranty Life (FGL)
Fidelity & Guaranty Life provides annuities and life insurance for over 700,000 policyholders across the United States, focusing on the middle-income market. It was a wholly owned subsidiary of Harbinger Group prior to a partial initial public offering in 2013.
Hallmark Financial Services (HALL)
Hallmark Financial Services engages in marketing, distributing, underwriting and servicing commercial, personal, and general aviation insurance, as well as providing other insurance related services.
Infinity Property & Casualty Corporation (IPCC)
Infinity Property & Casualty is an automobile insurance company specializing in urban, Hispanic and non-standard risks.
Insurance Information Institute (III)
The Insurance Information Institute is dedicated to improve public understanding of insurance by providing definitive insurance information to the media, governments, regulatory organizations, universities, and the public.
Speaker: Steven Weisbart
Kingstone Companies, Inc. (KINS)
Kingstone is a provider of property and casualty insurance products to small businesses and individuals in New York. Kingstone’s product lines include personal lines, commercial liability, commercial automobile and livery physical damage and other.
National Interstate Corporation (NATL)
National Interstate is a specialty property/casualty insurance company with a niche orientation focused on the transportation industry and specializing in alternative risk transfer programs.
ProAssurance Corp. (PRA)
ProAssurance is an industry-leading specialty insurance company with extensive expertise in medical professional liability, products liability for medical technology and life sciences and legal professional liability.
RLI Corp. (RLI)
RLI Corp is a specialty property and casualty insurer operating throughout America providing a wide range of property, casualty, and surety coverages.
United Fire Group, Inc. (UFCS)
United Fire Group, Inc. is engaged in the business of writing property and casualty insurance and life insurance and selling annuities. The company sells through more than 1,000 independent agencies in 43 states, plus the District of Columbia, and as a life insurer in 36 states, represented by more than 900 independent life agencies
United Insurance Holdings Corp. (UIHC)
UPC Insurance distributes homeowners, dwelling fire and flood insurance products through nearly 2,500 agents in eight states.
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Monday, March 16, 2015 to
Tuesday, March 17, 2015
Day One | 8:00 a.m.–4:00 p.m.
Day Two | 8:00 a.m.–3:00 p.m.
NYSSA Conference Center
1540 Broadway, Suite 1010, (entrance on 45th Street), New York, NY 10036
Student Member Free
Non Member $150
($10 surcharge for walk-ins)
Friday, March 13, 2015
C. Gregory Peters, Managing Director, Raymond James & Associates, Inc.
If you are unable to register for this event online, please call (212) 541-4530 for assistance.
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