Opinions

Matt Baillie Northbridge Financial NB-T BUY ON WEAKNESS Jul 30, 2004

Even in a weak pricing environment, they have done pretty well. Would prefer it a few dollars lower.

Matt Baillie

Owned

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$23.800

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

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.

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Matt Baillie Northbridge Financial NB-T BUY ON WEAKNESS Jul 30, 2004

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