Financial Services >> Sector Roundtables >> October 25, 2004

ROUNDTABLE FORUM: PROPERTY & CASUALTY INSURANCE

WILLIAM M. WILT, Vice President, joined Morgan Stanley in 2002 to cover the property/casualty insurance industry. He previously was a Senior Credit Officer at Moody's Investors Service where he also followed the property/casualty sector. Before joining Moody's, Mr. Wilt was a Director of Actuarial Consulting at Coopers & Lybrand and an Actuarial Analyst at a major reinsurance company. He is a Fellow of the Casualty Actuarial Society and holds an MBA from New York University with concentrations in Accounting and Finance. He also holds the Chartered Financial Analyst designation. Profile
STEPHAN PETERSEN is a Director-Equity Research Analyst with Cochran, Caronia Securities, LLC. Prior to joining Cochran, Caronia Securities, LLC, Mr. Petersen served as a Second Vice President with General Star Management Co., a subsidiary of General Reinsurance Corporation. In addition to evaluating and underwriting a wide variety of accounts at General Star, he was also involved with product research and development, marketing, and client management Mr. Petersen received a BA in Economics from Michigan State University and an MBA with concentrations in Finance and Accounting from the University of Chicago. Mr. Petersen is also a Chartered Property Casualty Underwriter. Profile
PAUL NEWSOME, Vice President, joined A.G. Edwards & Sons, Inc., on January 15, 2003. His coverage responsibilities are in the property- casualty insurance area. Mr. Newsome previously worked for Lehman Brothers where he was Vice President/Senior Equity Analyst responsible for all equity property-casualty insurance company coverage. Prior to Lehman, he had worked in the insurance area at CIBC and Dain Bosworth. He has a BA in Mathematics and Economics and an MS in Economics. Mr. Newsome is a well-established analyst and was ranked as number one 'best up-and-comer' and number ten 'overall' in the 2002 Institutional Investor magazine survey (property-casualty insurance sector). Profile
Shields, Meyer
Meyer Shields, Managing Director, joined the research team at Keefe, Bruyette & Woods, Inc., now part of Stifel, Nicolaus & Co., Inc., in connection with Stifel's acquisition of Legg Mason's capital markets group in December of 2005. He rejoined Legg Mason in April 2004. Mr. Shields covers the insurance brokers and small and midcap property and casualty insurers. Before rejoining Legg Mason, Mr. Shields was an Associate Analyst at J.P. Morgan Securities, Inc., as well as at Legg Mason, focused on the property and casualty insurance industry. He also worked in the actuarial department at Zurich North America from 1993 to 2000, doing pricing for personal and commercial insurance products. Mr. Shields ranked fifth among stock pickers in the insurance/nonlife industry in The Wall Street Journal “Best on the Street” analysts survey for 2009. He has a B.S. in actuarial science from the University of Toronto, and is a Fellow of the Casualty Actuarial Society.  Profile
JASON R. BUSELL is a Vice President at Keefe, Bruyette & Woods, Inc., responsible for research coverage of the US property casualty insurance industry. His focus is on small and mid-cap companies involved in personal lines, commercial lines, reinsurance, and insurance brokerage. Mr. Busell has been quoted in numerous industry publications. Prior to joining KBW, Mr. Busell was an analyst in the financial institutions practice of Stern Stewart & Company in New York, specializing in EVA analysis for insurers and depositary institutions. Mr. Busell received his Bachelor of Science degree in Economics from the Wharton School at the University of Pennsylvania. Profile
TWST: Bill, how would you characterize what's gone on in the P&C

business so far this year from a business perspective?

Mr. Wilt: From a business perspective, I guess you're seeing