Contents

Discussion.................................................................................................. 5
Our Outperform-Rated Recommendations In Brief...............................6
Property-Casualty Insurance Industry Overview .................................. 7
Property-Casualty Insurance Industry Trends ..................................11
Valuation..........................................................................................................22
Company Reports
Outperform
Arch Capital Group, Ltd (ACGL). ........................................29
Axis Capital Holdings Limited (AXS)................................49
Market Perform
ACE Limited (ACE) ..........................................................69
Allstate Corporation (ALL) ..........................................89
Chubb Corporation (CB) .....................................113
Everest Re Group, Ltd. (RE) ........................................131
Max Capital Group Ltd. (MXGL).................................. 149
PartnerRe Ltd. (PRE)................................................. 169
Progressive Corporation (PGR) .............................191
RenaissanceRe Holdings Ltd. (RNR) .........................211
The Travelers Companies, Inc. (TRV) ........................... 231