U.S. Insurance Undervalued over 20% based on DCF

Chubb

Market Cap: US$139.4b

Provides insurance and reinsurance products worldwide.

Progressive

Market Cap: US$137.0b

Operates as an insurance company in the United States.

Marsh & McLennan Companies

Market Cap: US$86.0b

A professional services company, provides advisory services and insurance solutions to clients in the areas of risk, strategy, and people worldwide.

Aon

Market Cap: US$76.8b

Operates as a professional services firm in the United States, rest of the Americas, the United Kingdom, Ireland, rest of Europe, the Middle East, Africa, and the Asia Pacific.

Travelers Companies

Market Cap: US$73.1b

Through its subsidiaries, provides a range of commercial and personal property, and casualty insurance products and services to businesses, government units, associations, and individuals in the United States, Canada, and internationally.

Arthur J. Gallagher

Market Cap: US$65.4b

Provides insurance and reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals worldwide.

Aflac

Market Cap: US$61.8b

Through its subsidiaries, provides supplemental health and life insurance products.

MetLife

Market Cap: US$59.0b

A financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide.

W. R. Berkley

Market Cap: US$27.9b

An insurance holding company, operates as a commercial line writer worldwide.

Willis Towers Watson

Market Cap: US$27.8b

Operates as an advisory, broking, and solutions company worldwide.

Brown & Brown

Market Cap: US$23.5b

Brown & Brown, Inc. markets and sells insurance products and services in the United States, the United Kingdom, and internationally.

Unum Group

Market Cap: US$14.3b

Provides financial protection benefit solutions in the United States, the United Kingdom, and Poland.

CNA Financial

Market Cap: US$14.0b

An insurance holding company, primarily provides commercial property and casualty insurance products in the United States, Canada, the United Kingdom, Continental Europe, and internationally.

Assurant

Market Cap: US$13.9b

Provides protection services to connected devices, homes, and automobiles in North America, Latin America, Europe, and the Asia Pacific.

Old Republic International

Market Cap: US$10.0b

Through its subsidiaries, provides insurance underwriting and related services in the United States and Canada.

Kinsale Capital Group

Market Cap: US$8.0b

Engages in the provision of property and casualty insurance products in the United States.

Selective Insurance Group

Market Cap: US$5.9b

Provides insurance products and services in the United States.

CNO Financial Group

Market Cap: US$4.9b

Through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance and other insurance products, and financial services for middle-income pre-retiree and retired Americans in the United States.

Palomar Holdings

Market Cap: US$3.9b

A specialty insurance company, provides property and casualty insurance to individuals and businesses in the United States.

Ategrity Specialty Insurance Company Holdings

Market Cap: US$1.2b

Through its subsidiaries, provides excess and surplus lines insurance and reinsurance products to small and medium-sized businesses in the United States.

International General Insurance Holdings

Market Cap: US$1.2b

International General Insurance Holdings Ltd.

Universal Insurance Holdings

Market Cap: US$1.2b

Operates as an integrated insurance holding company in the United States.

Bowhead Specialty Holdings

Market Cap: US$1.1b

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

AMERISAFE

Market Cap: US$666.9m

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

Kingstone Companies

Market Cap: US$293.6m

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

Citizens

Market Cap: US$280.6m

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.