2015年全美研究团队：保险/非生物，第3号：Jay Cohen

尽管他将一个陷入篇文摘，杰伊科恩保留忠诚的遵循。购买私人欣赏美国银行Merrill Lynch研究员的长寿 - 他在1998年以来一直在这个名单上出现了这个名单 - 特别是财产/伤亡保险公司的专业知识。Cohen“已经看出了比任何人更多的市场周期，”肯定了一个基金经理。“当Jay Opines在小组或股票上时，这是一个必须倾听的时刻。”美国非生命保险公司面临着几个逆风，分析师报告，例如在许多线条和适度的利率上定价弱点。然而，与此同时，资本管理 - 以股票回购的形式 - “对这些压力一直是一个很好的抵消，”他补充道。“鉴于保险股交易的地方和利率低，回购一般都会增加每股收益。”The challenging environment is also leading to consolidation, in both the reinsurance area — “where profit pressures have been most intense,” notes Cohen, 49 — and the insurance space, where Ace’s acquisition of Chubb Corp. “has investors thinking about where the next deal might be.” In July, Swiss multiline giant Ace announced its intention to buy Warren, New Jersey’s Chubb for $28.3 billion in cash and stock. The transaction, expected to be completed in the first quarter of 2016, should deliver substantial cost synergies and international growth opportunities for Ace, he contends, so he is positive on the name. Similarly, the researcher foresees opportunities in XL Group of Ireland, crediting its attractive valuation and his predicting that management will successfully execute the integration of Bermuda-based insurer Catlin Group, which XL purchased in May.