Randy Binner, Analyst with FBR Capital Markets, says one of the secular trends he’s observing is that losses for property & casualty insurance companies have been very low.
“That’s something that we continue to look at when we look at reserves,” Binner says. “We think a lot of the property/casualty names have really good reserves.”
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Binner recently upgraded Travelers Companies Inc (TRV).
“We think a lot of the business they wrote in 2011, 2012 and 2013, when the economy was getting better, will end up more profitable than people thought,” Binner says. “Loss trends remain very benign outside of catastrophes. Typical claims are at a very low level in the U.S. for a few years now. We think there will be a lot of reserve benefits there.”
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