Stockchase Opinions

Peter Arender, CFA Northbridge Financial NB-T BUY Aug 05, 2003

Have been down and out for quite awhile.Starting to recover.Thinly traded.Speculative.
$9.250

Stock price when the opinion was issued

insurance
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HOLD
Probably not much upside left but doesn't expect a drop either.
BUY ON WEAKNESS
70% owned by Fairfax Financial. Firing on all cylinders. Prefers it under $20. Well-managed.
TOP PICK
Was a spin out and had been set up very well financially. Holds four significant property and casualty companies. Well-managed. Under owned.
BUY ON WEAKNESS
Even in a weak pricing environment, they have done pretty well. Would prefer it a few dollars lower.
BUY
The hurricanes in Florida have been hitting the insurance and re-insurance areas. Because of the losses, premiums won't go down.
DON'T BUY
A spin-out from Fairfax. Cheap, but you have to be careful with the property/casualty insurers.
HOLD
Property/casualty part of the market is doing well. Have 3 significant brands that are doing very well.
BUY
Has done a great job at retail banking. Have been building their business aggressively.
BUY
The whole financial sector fits into a value mode. Strong, long-term growth potential. A good area is the property/casualty area. Just pre-announced some weak results as a re-evaluation of their losses from the hurricanes last year.
TOP PICK
A fairly conservatively managed property/casualty insurance company. Making money on underwriting and they have done that fairly consistently. Profitability continues to improve. Reasonably cheap price to book. Good price.