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1、EquityResearchJayGelb,CFAU.S.InsuranceManagingDirector,EquityResearch+12125261561jay.gelb@barclays.comProperty-Casualty:NeutralBCI,USSueLee+12125268190LifeInsurance:Positivesue.lee@barclays.comBCI,USAndrewKarpBerkshireHathaway:OW/Neu+12125269015andrew.karp@barclays.comBCI,USAugust18,2017K
2、araMarciscano+12125269031kara.marciscano@barclays.comBCI,USPricedasofAugust14,2017BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityo
3、fthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATIONSANDIMPORTANTDISCLOSURESBEGINNINGONPAGE156.U.S.Insurance/Non-LifeRatingsDistribution:10OWs,6EWs,2UWNon-LifeIndustryView:NeutralBarclaysRatingsSummaryBarclaysRatings
4、vs.StreetRatings*BarclaysStreetRatingOverweightTickerRatingBuyHoldSell?ChubbLtd.?HartfordFinancialServicesCommercialLines&Reinsurance?AmericanInt’lGroup?Marsh&McLennanChubbCBOverweight1522?EverestReBerkshireHathawayBRK.AOverweight220?ArthurJ.GallagherEverestReREOverweight261?AllstateCorp?
5、WillisTowersWatsonXLCatlinXLOverweight870?BerkshireHathaway?XLCatlinArchCapitalGroupACGLEqualWeight581TravelersTRVEqualWeight4143RenaissanceReRNREqualWeight0101ValidusReVREqualWeight260AspenHoldingsAHLEqualWeight040EqualWeightInsuranceBrokersMarsh&McLennanMMCOverweight1270?ArchCapital?Ren
6、aissanceReHoldingsWillisTowersWatsonWLTWOverweight1443?AspenInsuranceHoldings?TheTravelersCompaniesArthurJ.GallagherAJGOverweight871?AonCorporation?ValidusHoldingsAonCorpAONEqualWeight7102Brown&BrownBROUnderweight292PersonalLinesAllstateCorp.ALLOverweight1171ProgressivePGRUnderweight972Un
7、derweightMultiline?ProgressiveCorp.?Brown&BrownAmericanInt'lGroupAIGOverweight1161HartfordFinancialHIGOverweight6110Non-LifeInsuranceIndustryView:Neutral*ThisisacollationofratingsputtogetherbyBloomberg,whichassigns"buy""sell"or"hold"todifferentfirms.Source:Bloomberg