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Brian Meredith, UBS

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Latest Analyst Comments by Brian Meredith, UBS
 

Investments, Buybacks Aid Travelers' Q4 (Investor''s Business Daily - Investing) - Jan 26, 2010

Net written premiums fell 4% to $52 billion, showing recession shy customers cutting back on insurance purchases But "all of the (Travelers) business insurance products experienced renewal rate increases" for a second quarter in a row, wrote UBS analyst Brian Meredith The company's underlying combined ratio, (excluding catastrophe and reserve releases) improved to 94% "Much stronger than anticipated," Meredith wrote, due to alternative investments The company spent $16 billion to repurchase more than 30 million shares 
Recent Research on The Travelers Companies Inc (TRV)
Moody's rates Travelers' shelf registration (Moody's Global Credit Research)- Dec 31, 2009
Travelers Companies, Inc. (The) (Moody's Global Credit Research)- Dec 07, 2009
more research
Share:  But "all of the (<span class="company">Travelers</span>) business insurance products experienced renewal rate increases" for a second quarter in a row, wrote UBS analyst <span class="analyst">Brian Meredith</span> Tweet this 

Allstate Swings to Profit on Investments, Weather (Bloomberg) - Nov 04, 2009

Unrealized losses fell by two thirds in three months to $2.5 billion on Sept. 30. Allstate, which typically gets the largest portion of its revenue from its auto insurance business, is competing for new customers with Progressive Corp and Warren Buffett's Geico Corp as consumers cut spending on insurance. "While pricing is up, the amount of coverage being bought has been declining," said Brian Meredith , an analyst at UBS AG, in an interview before results were released. "People have been buying less auto insurance coverage" because of the recession, he said. 
Recent Research on The Allstate Corporation (ALL)
Moody's Comments on Allstate's 3Q09 Results (Moody's Global Credit Research)- Nov 05, 2009
Q3 2009 The Allstate Corporation Earnings Conference Call (Thomson Street Events)- Nov 05, 2009
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Share:  "While pricing is up, the amount of coverage being bought has been declining," said <span class="analyst">Brian Meredith</span> , an analyst at UBS AG, in an interview before results were released. Tweet this 

Unrealized losses fell by two thirds in three months to $2.5 billion on Sept. 30. Allstate, which typically gets the largest portion of its revenue from its auto insurance business, is competing for new customers with Progressive Corp and Warren Buffett's Geico Corp as consumers cut spending on insurance. "While pricing is up, the amount of coverage being bought has been declining," said Brian Meredith , an analyst at UBS AG, in an interview before results were released. "People have been buying less auto insurance coverage" because of the recession, he said. 
Recent Research on Berkshire Hathaway Inc. (BRK.A)
Moody's rates Berkshire Hathaway's shelf and notes Aa2 (Moody's Global Credit Research)- Feb 04, 2010
Moody's rates Berkshire Hathaway Finance Corp's notes Aa2 (Moody's Global Credit Research)- Jan 06, 2010
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Share:  "While pricing is up, the amount of coverage being bought has been declining," said <span class="analyst">Brian Meredith</span> , an analyst at UBS AG, in an interview before results were released. Tweet this 

Unrealized losses fell by two thirds in three months to $2.5 billion on Sept. 30. Allstate, which typically gets the largest portion of its revenue from its auto insurance business, is competing for new customers with Progressive Corp and Warren Buffett's Geico Corp as consumers cut spending on insurance. "While pricing is up, the amount of coverage being bought has been declining," said Brian Meredith , an analyst at UBS AG, in an interview before results were released. "People have been buying less auto insurance coverage" because of the recession, he said. 
Recent Research on The Progressive Corporation (PGR)
The Progressive Corporation Earnings Conference Call (Thomson Street Events)- Nov 11, 2009
Progressive Corporation (Fitch Research)- Nov 10, 2009
Progressive Corporation (The) (Moody's Global Credit Research)- Sep 14, 2009
more research
Share:  "While pricing is up, the amount of coverage being bought has been declining," said <span class="analyst">Brian Meredith</span> , an analyst at UBS AG, in an interview before results were released. Tweet this 

Aon results highlight tough quarter for insurance brokers (MarketWatch) - Oct 30, 2009

"Brokerage organic revenue was disappointing," Brian Meredith, an analyst at UBS, wrote in a note to investors on Friday. UBS was expecting Aon's organic revenue to climb 1% in the period, not fall 3%. "The weak economy and competitive commercial lines pricing continued to impact results," Meredith added. The largest "reversal" was in Aon's reinsurance business which reported a 4% drop in organic revenue, the analyst noted. Meredith was expecting a 4% increase. 
Recent Research on Aon Corporation (AON)
Aon Corp. (S&P Credit Research)- Dec 04, 2009
Summary: Aon Corp. (S&P Credit Research)- Dec 04, 2009
Aon Corporation (Moody's Global Credit Research)- Nov 18, 2009
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Share:  "Brokerage organic revenue was disappointing," <span class="analyst">Brian Meredith</span>, an analyst at UBS, wrote in a note to investors on Friday. UBS was expecting <span class="company">Aon</span>'s organic revenue to climb 1% in the period, not fall 3%. Tweet this 

Aon highlights tough quarter for insurance brokers (MarketWatch.com - Top Stories) - Oct 30, 2009

Total revenue fell 2% to $1.8 billion. Organic revenue at Aon's main risk and insurance brokerage services unit fell 3%. Organic revenue excludes the impact of acquisitions and sales of businesses, as well as currency fluctuations. It's a closely watched gauge of how well insurance brokers perform. "Brokerage organic revenue was disappointing," Brian Meredith, an analyst at UBS, wrote in a note to investors on Friday.  
Share:  "Brokerage organic revenue was disappointing," <span class="analyst">Brian Meredith</span>, an analyst at UBS, wrote in a note to investors on Friday. Tweet this 

PREVIEW-Low catastrophe losses to boost reinsurers' profits (Reuters) - Oct 26, 2009

"The continued recovery of the financial markets and only modest catastrophe losses year to date have put the industry in a position of excess capital again," analyst Brian Meredith of UBS Investment Research wrote in a note. Other than lower catastrophe losses, higher income from derivative contracts will help Everest Re's profits, while excess loss reserves will contribute to PartnerRe's results. Reinsurers provide backup coverage for property casualty carriers in the event of huge claims, such as hurricanes and other catastrophes. Wells Fargo Securities, which expects about $20 million in gain for Everest Re from derivative contracts, said higher income reflects an increase in the fair value of these contracts, due in part to the 15 percent rise in S&P 500 .SPX in the third quarter. 
Recent Research on Everest Re Group, Limited (RE)
Everest Re Group, Ltd. (Moody's Global Credit Research)- Dec 22, 2009
Everest Re Group, Ltd. (Moody's Global Credit Research)- Dec 15, 2009
Q3 2009 Everest Re Group, Ltd. Earnings Conference Call (Thomson Street Events)- Oct 29, 2009
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Share:  "The continued recovery of the financial markets and only modest catastrophe losses year to date have put the industry in a position of excess capital again," analyst <span class="analyst">Brian Meredith</span> of UBS Investment Research wrote in a note. Tweet this 

AIG losing less commercial insurance business, UBS says (MarketWatch) - Oct 14, 2009

American International Group's share of the commercial insurance market hasn't dropped as much as expected since the company was bailed out last year by the government, UBS analyst Brian Meredith said Wednesday.  
Recent Research on American International Group, Inc. (AIG)
Moody's affirms UGRIC's A3 rating, outlook is negative (Moody's Global Credit Research)- Feb 04, 2010
Moody's sees AIG holding its ground through 3Q09 (Moody's Global Credit Research)- Nov 09, 2009
AIG shows signs of stabilization but risks remain, says GAO (Moody's Global Credit Research)- Sep 28, 2009
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Share:  <span class="company">American International Group</span>'s share of the commercial insurance market hasn't dropped as much as expected since the company was bailed out last year by the government, UBS analyst <span class="analyst">Brian Meredith</span> said Wednesday. Tweet this 

Assured Guaranty falls on UBS downgrade (MarketWatch) - Aug 31, 2009

SAN FRANCISCO (MarketWatch) , Assured Guaranty shares fell more than 5% Monday after UBS analyst Brian Meredith downgraded the bond insurer.  
Recent Research on Assured Guaranty Limited (AGO)
Assured Guaranty Analyst Meeting (Thomson Street Events)- Dec 01, 2009
Q3 2009 Assured Guaranty Earnings Conference Call (Thomson Street Events)- Nov 17, 2009
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Share:  SAN FRANCISCO (MarketWatch) , <span class="company">Assured Guaranty</span> shares fell more than 5% Monday after UBS analyst <span class="analyst">Brian Meredith</span> downgraded the bond insurer. Tweet this 

Assured Guaranty stock downgraded; sh... (Forbes) - Aug 31, 2009

Assured Guaranty's potential risk of a ratings downgrade and recent surge in its share price led an analyst to downgrade the bond insurer's stock Monday. Shares of Assured Guaranty ( AGO , news , people ), which have risen 76 percent since the beginning of the year, tumbled $1.11, or 5.5 percent, to $18.99 in midday trading. Shares have traded between $2.69 and $20.64 during the past year. UBS ( UBS , news , people ) analyst Brian Meredith downgraded Assured Guaranty to "Neutral" from "Buy" amid the possibility the bond insurer's key financial strength rating could be lowered by Moody 's ( MCO , news , people ) Investors Service.  
Share:  UBS ( UBS , news , people ) analyst <span class="analyst">Brian Meredith</span> downgraded <span class="company">Assured Guaranty</span> to "Neutral" from "Buy" amid the possibility the bond insurer's key financial strength rating could be lowered by Moody 's ( MCO , news , people ) Investors Service. Tweet this 

Progressive shares slip after May results (MarketWatch.com - Top Stories) - Jun 10, 2009

Insurance analysts also frequently focus on operating income. Analysts often calculate Progressive's operating income themselves; something Brian Meredith of UBS did on Wednesday. The auto insurer made eight cents a share on that basis in May, the analyst said, below his estimate of 12 cents a share. 
Share:  Analysts often calculate <span class="company">Progressive</span>'s operating income themselves; something <span class="analyst">Brian Meredith</span> of UBS did on Wednesday. The auto insurer made eight cents a share on that basis in May, the analyst said, below his estimate of 12 cents a share. Tweet this 

Some Insurers Including Allstate Might Not Need Federal Funds (Insurance Journal) - May 18, 2009

We will, however, undertake a prudent review of our participation in CPP in light of market conditions," CEO Tom Wilson said in a statement. Brian Meredith, an analyst with UBS Investment Research, said in a research note that Allstate might no longer need the aid and also may not want the "increased scrutiny that comes with" the funds. AIG and other financial institutions that have already taken TARP funds have had to drastically reduce spending, including cutting client entertainment, and put limits on compensation, including for top executives. The shares of some life insurers rose sharply earlier in the day, but all had fallen by nearly 4 percent or more by afternoon. (Reporting by Lilla Zuill; Editing by Brian Moss and Andre Grenon) To view a Reuters graphic on life insurers winning access to a federal financial rescue scheme, click on: http://graphics.thomsonreuters.com/RNGS/MAY/TARP.jpg 
Share:  <span class="analyst">Brian Meredith</span>, an analyst with UBS Investment Research, said in a research note that <span class="company">Allstate</span> might no longer need the aid and also may not want the "increased scrutiny that comes with" the funds. Tweet this 

Some US insurers may no longer need federal funds (guardian.co.uk) - May 15, 2009

We will, however, undertake a prudent review of our participation in CPP in light of market conditions," CEO Tom Wilson said in a statement. Brian Meredith, an analyst with UBS Investment Research, said in a research note that Allstate might no longer need the aid and also may not want the "increased scrutiny that comes with" the funds. AIG and other financial institutions that have already taken TARP funds have had to drastically reduce spending, including cutting client entertainment, and put limits on compensation, including for top executives. The shares of some life insurers rose sharply earlier in the day, but all had fallen by nearly 4 percent or more by afternoon. (Reporting by Lilla Zuill; Editing by Brian Moss and Andre Grenon) To view a Reuters graphic on life insurers winning access to a federal financial rescue scheme, click on: http://graphics.thomsonreuters.com/RNGS/MAY/TARP.jpg . 
Share:  <span class="analyst">Brian Meredith</span>, an analyst with UBS Investment Research, said in a research note that <span class="company">Allstate</span> might no longer need the aid and also may not want the "increased scrutiny that comes with" the funds. Tweet this 

Insurer shares rise after preliminary OK for funds (washingtonpost.com) - May 15, 2009

We will, however, undertake a prudent review of our participation in CPP in light of market conditions," said CEO Tom Wilson in a statement. Brian Meredith, an analyst with UBS Investment Research, said in a research note Allstate might also not want the "increased scrutiny that comes with" the funds. Life insurance stocks, which had already rallied on Thursday, rose still higher in morning trade on Friday. Shares of Hartford, which is both a property and life insurer, rose almost 9 percent to $16.06, while Lincoln National rose 6 percent to percent to $17.22 and Principal Financial rose 4 percent to $19.62. Ameriprise rose 1.3 percent to $25.38. 
Share:  <span class="analyst">Brian Meredith</span>, an analyst with UBS Investment Research, said in a research note <span class="company">Allstate</span> might also not want the "increased scrutiny that comes with" the funds. Tweet this 

XL Capital: UBS Still Bullish After Recent Run-up (In Search Of Value) - May 14, 2009

I was planning to write an update on XL Capital ( XL ) after the company filed its first quarter 10 Q on th, but decided not to when I realized that UBS P&C insurance analyst Brian Meredith had already stated very well what I wanted to say (and more) in his th report on XL entitled, "Asset Valuation Nearing the Bottom?" . Here are the headlines from his report: Investment marks appear to be nearing a bottom Corporate bonds marked below 1930's default rates Marks appear to be positive QTD . Top line might decline less than guided, but increasing risk of large losses Improving industry fundamentals - and confidence in XL - could spur growth Greater emphasis on short tail cat exposed lines could increase loss volatility . EPS estimates reduced slightly due to lower yields on investment portfolio, mainly due to continued de risking Price target of $15 maintained based on 12 month forward BVPS . 
Recent Research on XL Capital Ltd. (XL)
XL Capital Ltd (Moody's Global Credit Research)- Dec 24, 2009
Moody's affirms XL Capital (IFSR at A2); Changes outlook to stable (Moody's Global Credit Research)- Dec 23, 2009
more research
Share:  I was planning to write an update on <span class="company">XL</span> Capital ( <span class="company">XL</span> ) after the company filed its first quarter 10 Q on th, but decided not to when I realized that UBS P&C insurance analyst <span class="analyst">Brian Meredith</span> had already stated very well what I wanted to say (and more) in his th report on <span class="company">XL</span> entitled, "Asset Valuation Nearing the Bottom?" . Tweet this 

Assured Guaranty shares surge on strong Q1 profit (Reuters) - May 08, 2009

However, UBS analyst Brian Meredith said the loss reserve of 29 cents a share in the company's mortgage guaranty segment was not anticipated. "Additionally, Assured Guaranty increased its losses for first lien subprime, for which we did not assume any losses so far," Meredith wrote in a note to clients. Assured has largely escaped the credit problems that crippled rivals Ambac ( ABK.N ) and MBIA ( MBI.N ) by avoiding insuring repackaged subprime mortgages. 
Share:  However, UBS analyst <span class="analyst">Brian Meredith</span> said the loss reserve of 29 cents a share in the company's mortgage guaranty segment was not anticipated. Tweet this 

Investors Hope for Positives After MBIA Loses $2.7 Billion (WSJ Blogs - Market Beat) - Mar 02, 2009

Muni-bonds have had a pristine credit history for the last 50 years or so, but now you have to ask if that relationship changes, given the current economy. Warren Buffett, whose Berkshire Hathaway has jumped into muni-bond insurance, has warned of increasing defaults as strapped municipalities preserve cash by letting bond insurers cover their obligations. That s politically easier than raising taxes. Moreover, investors have to question the degree to which municipalities will continue buying insurance from MBIA, whose services help municipalities improve the credit rating on their bonds, ultimately lowering interest costs. MBIA s own ratings on its muni-bond business range from AA- to Baa1, and if I m an A-rated issuer, MBIA can t offer me much benefit, says Brian Meredith, analyst at UBS Securities.  
Share:  MBIA s own ratings on its muni-bond business range from AA- to Baa1, and if I m an A-rated issuer, MBIA can t offer me much benefit, says <span class="analyst">Brian Meredith</span>, analyst at UBS Securities. Tweet this 

Shares climb as results top expectations; insurer details Madoff ... (MarketWatch) - Jan 27, 2009

Analysts like the company, partly because it has a relatively conservative investment strategy and mostly avoided big losses from the credit crisis that have plagued some rivals. "With a conservative balance sheet, high-quality investment portfolio, minimal subprime exposure, better-than-industry top-line growth, and substantial buybacks, we believe Travelers is a good investment in the current environment," Brian Meredith, an analyst at UBS, said in a note to investors Tuesday. Investment losses Still, quarterly net income was dented by net realized investment losses of $138 million, after taxes, Travelers said. That included $129 million of impairments, which are losses on investments that insurers reckon will be permanent. Overall net investment income came in at $438 million, down from $696 million a year earlier, the insurer reported. 
Share:  "With a conservative balance sheet, high-quality investment portfolio, minimal subprime exposure, better-than-industry top-line growth, and substantial buybacks, we believe <span class="company">Travelers</span> is a good investment in the current environment," <span class="analyst">Brian Meredith</span>, an analyst at UBS, said in a note to investors Tuesday. Tweet this 

Travelers quarterly net income falls 25% (MarketWatch) - Jan 27, 2009

Analysts like the company, partly because it has a relatively conservative investment strategy and mostly avoided big losses from the credit crisis that have plagued some rivals. "With a conservative balance sheet, high-quality investment portfolio, minimal subprime exposure, better-than-industry top-line growth, and substantial buybacks, we believe Travelers is a good investment in the current environment," Brian Meredith, an analyst at UBS, said in a note to investors Tuesday. Investment losses Still, quarterly net income was dented by net realized investment losses of $138 million, after taxes, Travelers said. That included $129 million of impairments, which are losses on investments that insurers reckon will be permanent. Overall net investment income came in at $438 million, down from $696 million a year earlier, the insurer reported. 
Share:  "With a conservative balance sheet, high-quality investment portfolio, minimal subprime exposure, better-than-industry top-line growth, and substantial buybacks, we believe <span class="company">Travelers</span> is a good investment in the current environment," <span class="analyst">Brian Meredith</span>, an analyst at UBS, said in a note to investors Tuesday. Tweet this 

Travelers quarterly net falls 25%, but results top expectations (MarketWatch.com - Top Stories) - Jan 27, 2009

Analysts like the company, partly because it has a relatively conservative investment strategy and mostly avoided big losses from the credit crisis that have plagued some rivals. "With a conservative balance sheet, high-quality investment portfolio, minimal subprime exposure, better-than-industry top-line growth, and substantial buybacks, we believe Travelers is a good investment in the current environment," Brian Meredith, an analyst at UBS, said in a note to investors Tuesday. Investment losses Still, quarterly net income was dented by net realized investment losses of $138 million, after taxes, Travelers said. That included $129 million of impairments, which are losses on investments that insurers reckon will be permanent. Overall net investment income came in at $438 million, down from $696 million a year earlier, the insurer reported. 
Share:  "With a conservative balance sheet, high-quality investment portfolio, minimal subprime exposure, better-than-industry top-line growth, and substantial buybacks, we believe <span class="company">Travelers</span> is a good investment in the current environment," <span class="analyst">Brian Meredith</span>, an analyst at UBS, said in a note to investors Tuesday. Tweet this 

Bio
 

Brian Meredith

UBS

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Quotability Index: the stars indicate how frequently this analyst is quoted in the Street Pulse sources. Five stars represent the top quintile, four stars the next and so forth.
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Brian Meredith

About Brian Meredith:

Brian Meredith is managing director and the senior property casualty insurance analyst at UBS Investment Research. Prior to joining UBS, Brian was the senior property casualty insurance analyst at Banc of America Securities, LLC. For the past two years, he has been runner-up in Institutional Investor's All-America Research Team. He started his career on Wall Street at Morgan Stanley in 1990, where he covered reinsurers and specialty insurers. After Morgan Stanley, he worked at Vesta Insurance Group, a property casualty insurer and reinsurer, as the senior vice president of finance. He is a director and former president of the Association of Insurance and Financial Analysts. Brian has a BS in accounting from Wake Forest University.

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