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1、CreditSuisseEquityResearchAmericas/UnitedStatesP&CInsurance/BrokersTimeSaver–UpcomingP&CConferencePrep:QuestionsForManagementTeamsFebruary8,2019RESEARCHANALYSTSMikeZaremskiP&CInsuranceAnalyst+1212.325.5061michael.zaremski@csg.comRobCoxP&CInsuranceAssociate+1212.325.2776rober

2、t.cox@csg.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSURE,ANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeaware

3、thattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.1.CoverageCompSheet2.ManagementQuestionsqP&CInsurers:?ArchCapital(ACGL)?Allstate(ALL)?ARGOGroup(ARGO)?CincinnatiF

4、inancial(CINF)?HartfordFinancialServices(HIG)?EverestRe(RE)?RLICorp(RLI)?SelectiveInsurance(SIGI)?Travelers(TRV)?W.R.Berkley(WRB)qInsuranceBrokers:?ArthurJ.Gallagher&Co.(AJG)?AONPLC(AON)?Brown&BrownInsurance(BRO)?Marsh&McLennan(MMC)?WillisTowersWatson(WLTW)KeyRecentReports:?

5、(Slides)OurTopThreePredictionsForP&CInsuranceIn2019?P&CInsurance:CatastropheLoadConfession:MostP&CInsurers'EarningsPowerAppearsOverstated?KeyInsightsFromLunchWithCS’sCorporateInsuranceBuyers?SizingUpHIG’sSensitivityToTheEconomy+APreviewOfThe2019Outlook?WLTW:PositiveBrokerageI

6、ndustryBackdrop.WLTWTooDisliked-UpgradingtoOutperform?CourtIsInSession:EvolvingLawsuitFundingLandscapeHoldsRisksForP&CStocks?InsuranceBrokers:M&AArbitrageBenefitToContinue-PositiveCatalystForAJGAndBRO?IncreasingInsuranceBrokerValuePropositionApparentinRecentM&A?WhyEveryP&CInv

7、estorNeedsToKnowP&CPricingDoesn'tTellTheFullStory?P&CInitiation-ChangeIsComing+Slides:AutoInsurance2.0IsHere;AdopttotheDigitalAgeorFallVictimtoAdverseSelection:InitiatingCoverage2CreditSuisseP&CInsuranceCoverageUniverseCurrentPriceTargetPriceImpliedMktCapPricePerformanceCSOpe

8、ratingEPSRATINGTickerReturn($b)YTDQTDNTM2019E2020EPrice/EarningsNTM2