Global Insurance Undervalued over 20% based on DCF

Bowhead Specialty Holdings

Market Cap: US$1.0b

Provides commercial specialty property and casualty insurance products in the United States.

RIMAC Seguros y Reaseguros

Market Cap: S/3.1b

Engages in the insurance business in Peru.

Central Reinsurance

Market Cap: NT$28.6b

Provides various property and life inward and outward reinsurance services in Taiwan and internationally.

Sagicor Financial

Market Cap: CA$1.2b

Provides various financial services to individuals and corporations in Canada, the United States, Jamaica, and the rest of the Caribbean.

AMERISAFE

Market Cap: US$635.1m

An insurance holding company, underwrites workers’ compensation insurance in the United States.

Sabre Insurance Group

Market Cap: UK£453.4m

Through its subsidiaries, writes general insurance for motor vehicles in the United Kingdom.

Taiwan Fire & Marine Insurance

Market Cap: NT$14.3b

Provides property and casualty insurance products and services in Taiwan.

Renaissance Insurance Group JSC

Market Cap: ₽26.3b

Renaissance Insurance Group JSC provides insurance and pension services in the Russian Federation.

Dhipaya Group Holdings

Market Cap: ฿14.0b

Through its subsidiaries, provides non-life insurance products in Thailand.

FP Partner

Market Cap: JP¥50.9b

Engages in the insurance agency business in Japan.

Muang Thai Insurance

Market Cap: ฿10.5b

Provides non-life insurance products and services in Thailand.

Kingstone Companies

Market Cap: US$288.4m

Through its subsidiary, Kingstone Insurance Company, provides property and casualty insurance products in the United States.

TQM Alpha

Market Cap: ฿9.7b

Engages in the insurance brokerage business in Thailand.

Citizens

Market Cap: US$264.4m

A diversified financial services company providing life, living benefits and final expense insurance and other financial products to individuals and small businesses in the U.S., Latin America, and Asia.

Allshores

Market Cap: BD$257.2m

Provides insurance and investment solutions to individuals and businesses in Bermuda, Bahamas, Caribbean region, and Cayman Islands.

Zur Shamir Holdings

Market Cap: ₪777.3m

Through its subsidiaries, engages in the insurance, consumer credit, real estate, and financial services in Israel.

Peña Verde

Market Cap: Mex$4.1b

Offers insurance and reinsurance services in Mexico, the Americas, the Caribbean, and internationally.

Arab Insurance Group (B.S.C.)

Market Cap: US$186.2m

Provides life and non-life reinsurance products and related services in the Afro Asia region.

Solidarity Bahrain B.S.C

Market Cap: ب.د67.1m

Provides insurance products in Bahrain.

Bahrain Kuwait Insurance Company B.S.C

Market Cap: ب.د62.0m

Together with its subsidiary, engages in the general insurance business in Bahrain, the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Oman, and internationally.

Bank for Investment and Development of Vietnam Insurance

Market Cap: ₫4.3t

Engages in non-life insurance, reinsurance, financial investment, and other activities in Vietnam.

ZenhorenLtd

Market Cap: JP¥26.0b

Provides rent liability guarantee services in Japan.

Interlife General Insurance

Market Cap: €129.0m

Operates as a general insurance company in Greece.

Abu Dhabi National Takaful Company PSC

Market Cap: د.إ485.1m

Provides takaful insurance solutions in the United Arab Emirates and internationally.

DFV Deutsche Familienversicherung

Market Cap: €110.1m

Operates as a digital insurance company in Germany.

Thaivivat Holdings

Market Cap: ฿3.6b

Provides various non-life insurance products in Thailand and Lao.

Hansard Global

Market Cap: UK£72.4m

Engages in the distribution and servicing of long-term investment products in the Isle of Man, the Bahamas, the Republic of Ireland, Malaysia, Japan, and the United Arab Emirates.

Bao Minh Insurance

Market Cap: ₫2.0t

Engages in providing non-life insurance and reinsurance, and financial investment products and services in Vietnam.

NobleOak Life

Market Cap: AU$107.4m

Engages in the manufacture and distribution of life insurance products in Australia.

Petrolimex Insurance

Market Cap: ₫2.0t

Provides various insurance products in Vietnam.

Nippon Insure

Market Cap: JP¥6.7b

Provides rent guarantee for rental housing services in Japan.

TQR

Market Cap: ฿1.3b

Operates as a reinsurance broker in Thailand and internationally.

Sanlam Allianz Holdings (Kenya)

Market Cap: KSh4.8b

A non-banking financial institution, engages in underwriting life and non-life insurance risks in Kenya.

IRRC

Market Cap: JP¥5.6b

Engages in the life insurance agency business in Japan.

National Reinsurance Corporation of the Philippines

Market Cap: ₱2.1b

Engages in the provision of life and non-life reinsurance to insurance companies in the Philippines and neighboring insurance markets.

Taiming Assurance BrokerLtd

Market Cap: NT$965.9m

Engages in the life and property insurance brokerage business in Taiwan.