5 Best Property & Casualty Insurance Stocks to Buy

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In this article, we will be taking a look at the 5 best property & casualty insurance stocks to buy. To see more of these stocks, you can take a look at the 10 Best Property & Casualty Insurance Stocks to Buy.

5. Everest Re Group Ltd. (NYSE:RE)

Number of Hedge Fund Holders: 41

Everest Re Group Ltd. (NYSE:RE) is a reinsurance company based in Hamilton, Bermuda. It provides property and casualty reinsurance through its Reinsurance Operations segment.

Elyse Greenspan, an analyst at Wells Fargo, holds an Overweight rating on Everest Re Group Ltd. (NYSE:RE) shares as of May 3.

The average price target placed on Everest Re Group Ltd. (NYSE:RE) shares is $446.4, with a high forecast of $477. The stock was trading at $359.94 on May 25. This gives it an upside potential of 24.02%.

Everest Re Group Ltd. (NYSE:RE) was found among the 13F holdings of 41 hedge funds in the first quarter of 2023. Their total stake value was $1.03 billion.

ClearBridge Investments, an investment management company, mentioned the company in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“Everest Re Group, Ltd. (NYSE:RE), in the financials sector, is a reinsurance and property and casualty insurer that has been improving operations and reducing risk. The reinsurance market has transitioned to a very “hard” market in the wake of hurricane Ian and structurally rising reinsurance losses. The demand for reinsurance is estimated to be up over $30 billion, with capital supply down by over $50 billion, which indicates that reinsurance pricing is set to increase 30% to 70% globally in 2023, creating an extremely positive fundamental driver for Everest Re. As a result, Everest Re should enjoy earnings growth in 2023 that is largely insulated from macro risks, and we were able to capitalize on the stock trading close to book value before the reality of this supply/demand mismatch was reflected in the price.”

Follow Everest Group Ltd. (NYSE:EG)

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