Markel's relatively large exposure to equities makes the company more vulnerable to swings in the market, and necessitates higher capital levels.The company's acquisitions have not always been easily integrated, and Alterra is an especially large deal.Markel's business model--achieving an
ACE is in position to benefit from an improvement in the insurance pricing market.
CNA has a long track record of poor underwriting in commercial lines.CNA has been dependent on the returns of its investment portfolio to alleviate poor underwriting.The significant influence that Loews has over CNA calls into question any efforts management has made to improve profitability.The
Given his importance to the culture and dynamics of the firm, succession for CEO Bill Berkley may have a negative impact on the company's results. He is now in his late 60s.The investment in international opportunities creates a point of uncertainty, and results to date have been merely
The Allstate Financial segment dragged the company to a loss during the financial crisis. More losses in this segment are possible as the firm restructures this business.Despite reducing its exposure to some coastal areas, Allstate may experience large loss years caused by Midwestern
Progressive has continually pioneered ways to reach customers and segment their individual risks.
Chubb has large exposure to municipal bonds through its investment portfolio. Write-downs or defaults of these securities would impair the company's results and equity position.Climate change introduces a new point of uncertainty for insurers with catastrophe exposure, and future returns could be
Loblaw faces intensifying competition, but Shoppers acquisition may prove a smart strategic move.
Given the importance of management's discretion to properly allocate capital, recent management shakeups may have disrupted the business.HCC's acquisition-centric business model adds overpayment and integration risks.The company has a fairly large exposure to municipal bonds through its investment
Infinity's recent profitability has been hit by adverse reserve developments.