Insurance brokerage business is profitable, but technology will depress margins. Well run, but has benefited from PE expansion. Hard to see the upside. Great company, but rather fully priced.
$112.32 is his target. Low volatility. Has long owned this and done well with it. Days of rigging bids and price fixing are long behind them. (Analysts’ price target is $93.94)
Their reinsurance business increases when premiums increase. Also operate consulting businesses. Recently bought it. Expects double-digit returns over the cycle.
Benefiting from continued tight market conditions in insurance market, which (perversely) is bolstered by climate change. Consultancy side is a play on the labour market, which remains robust.
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