**Kinsale**
It’s not cheap, it may be trading at \~x17 while others are much cheaper, but the company has a growth potential that called my attention. They are doing a fantastic job.
**Chubb**
Probably one of the best insurance around the world. It’s fairly priced. At the current level I think you may compound your money in the range of 8-12%. I’m waiting for the go down some 8 to 20% or to the earnings and TBV ex-AOCI to grow a little at the same price.
**The Travelers Group**
Another fantastic company. If Chubb is an AA quality company then The Travelers Group is an A+. Like Chubb it’s fairly priced right now.
Travelers had 1 bad year in 19 years. It’s fantastic.
Chubb is a long term guaranteed compounder. But I think the three of them are going to perform well over time.
I’m just waiting for them at a little better price.
If you are looking for a good enough quality company then **ARCH** is cheaper, but I may expect them to have a bad year every 10 or so. But it’s a good quality insurance.
If Chubb is a AA , KINSALE is a AA to A+, Travelers is a A+ and ARCH is A.
That’s my humble opinion :)
Have a good one y’all ! Let’s make a shit ton of money together.
**BTW**: This are long-term holdings.
PD: **NMI Holdings**. If I can get it with a little discount I’d like to add some money to it.
NMI holdings belongs to the mortgage insurance companies, and form that group It’s the better quality company. Has the best metrics over time.
Obviously there are other great or good enough quality insurance but I think they are a little expensive right now considering their TBV ex-AOCI, their current adjusted Earnigns on Price and Long-Term performance.
By Long-Term performance we are talking about their Combined Ratio over Time, they reserves estimations over the same period of time, the managements capital allocation, and their ability to grow without doing something stupid like underwriting bad insurance.
Have a good one! Let’s make a shit ton of money together.