In another sign of good times for the market in insurance equities, Deutsche Bank Alex. Brown announced that analyst Alain Karaoglan would initiate research coverage of Renaissance Re with a “Buy” rating.
Bermuda-based Ren Re “epitomizes all the characteristics that we believe define a great insurance company – a disciplined underwriting strategy, nimble operations, value added services and smart capital management,” Karaoglan stated.
The company specializes in property catastrophe reinsurance, and saw net earnings increase by 18 percent last year, and 16 percent in the first quarter this year. It’s an acknowledged leader in the use of sophisticated catastrophe modeling as an underwriting tool.
Karaoglan singled out Ren Re as being “unlike any other property-catastrophe reinsurer because its superior modeling capabilities combined with its talented management team allows the company to control its exposure better than others do.”
The selection of Ren Re for coverage by a major securities firm is one more indication of the increasing attention the equity markets are paying to insurance industry securities.
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