I really thought I was done writing about the Hare, but then I realized it was directly relevant to the Silicon Valley Bank (SVB) disaster. As a brief refresher, I wrote during the height of the insuretech boom how the Lemonades of the world tried to win the startup race Continue Reading
Bankrupting Bank Shareholders Is Bad For America
Editor’s Note: Before we get into the big topic, some of you may be expecting my NCAA picks. Unfortunately, I have no time for that right now, but I will share with you my old guide on that for reference as well as the link to the public pick’s you Continue Reading
The Age of Financial Repression Is Over
Editor’s Note: Carrier Management did a great profile on Informed. Please give it a look here. People sometimes forget they are living in a special period of history until many years later when they can look back on its consequences. The past 15 years have been a remarkable experiment in Continue Reading
There Is No Magic In MGAs
I’ve been around the insurance business long enough to remember when MGA was a four letter word. It wasn’t as bad as it was thought then, but it’s also not as good as the regard it’s held in now. MGAs are flawed structures, but they do have some benefits. Just Continue Reading
Why You Shouldn’t Live (Or Sell Insurance) In Seattle
In the early days of the blog, I wrote about why Seattle quake is the scariest and most underestimated cat risk in the US (if not the world). It is a peak zone that isn’t treated like one. If you haven’t read that piece before, I suggest you start there. Continue Reading
The Proper Way To Conduct Share Repurchase
In light of buybacks being back in the news with the proposal to increase the tax, I thought I’d write about how companies should think about buybacks since many do it wrong. First, quickly, buybacks shouldn’t be political. As you will see from my framework, they are a rational decision Continue Reading
My Life Story Told Through Super Bowls
Today, I’m going to do something a bit different and tell a personal story, though I suspect it’s one some of you can relate to. For those that can’t, perhaps it will help you understand the pull sports has on society. This Sunday will be the Eagles fourth Super Bowl. Continue Reading
Insurers Are Earning Far More Than You Realize
Investors spend a lot of time modeling the earnings of insurance companies and I was no different. However, I never found traditional GAAP models satisfying, so I had a number of alternate ways of looking at the quality of an insurer’s earnings. Today, I thought I’d share one as it Continue Reading
This Cat Market Cycle Is Not Like The Others
Reinsurance prices were up ~50% at January 1. While most observers would tell you my hurricane is responsible, I think that’s a myth. What we are now experiencing is a market hardening unlike previous cycles, except one. It is acting like the oil market of last year. What do I Continue Reading
What You Missed This Week
Going to try something new this week since I didn’t have time for a full post (don’t worry, one is largely done for next week). So if I didn’t post anything this week, what did you miss? Plenty! I share a number of shorter thoughts on Twitter that aren’t enough Continue Reading