P&C Stocks Reaching Equilibrium

After four years at sub-book value, underwriting fundamentals have improved and support higher valuations, Conning said. However, a return to higher historical valuations remains unlikely.

October 7, 2013

Chris McMahon

P&C insurance stocks have reached an equilibrium after rising past sub-book value multiples, which have existed since 2009 for many companies, according to “Property-Casualty Valuations: Have Valuations Reached a New Equilibrium?” a study from Conning, an investment management company for the global insurance industry.

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