Discussion............................................................................................................................................................................. 5
Our Outperform-Rated Recommendations In Brief.............................................................................................................6
Property-Casualty Insurance Industry Overview ................................................................................................................. 7
Property-Casualty Insurance Industry Trends ....................................................................................................................11
Valuation.............................................................................................................................................................................22
Company Reports
Outperform
Arch Capital Group, Ltd (ACGL). ................................................................................................................................29
Axis Capital Holdings Limited (AXS)...........................................................................................................................49
Market Perform
ACE Limited (ACE) ......................................................................................................................................................69
Allstate Corporation (ALL) ..........................................................................................................................................89
Chubb Corporation (CB) .............................................................................................................................................113
Everest Re Group, Ltd. (RE) .......................................................................................................................................131
Max Capital Group Ltd. (MXGL)............................................................................................................................... 149
PartnerRe Ltd. (PRE)................................................................................................................................................. 169
Progressive Corporation (PGR) ..................................................................................................................................191
RenaissanceRe Holdings Ltd. (RNR) ..........................................................................................................................211
The Travelers Companies, Inc. (TRV) ........................................................................................................................ 231