$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)
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.
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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