Model update: remain Neutral
We are updating our TRV model to reflect Q2 results, profitability trends and detailed commentary from management. As a result, our FY18 EPS forecast decreases by 6.8% as the higher catastrophes from Q2 flow through into the full year. We have also lowered our FY19 EPS and FY20 EPS forecasts by 1.4% and 0.8% respectively as slightly worse underlying combined ratios are partly offset by higher premium growth and modestly higher investment income. Given the relatively modest adjustments to our forecasts we have kept our price target at $145 and we retain our Neutral recommendation.Travelers Companies is a holding company. Through its subsidiaries, the company is engaged in providing commercial and personal property and casualty insurance products and services to businesses, government units, associations and individuals. The company's segments include: Business Insurance, which provides property and casualty insurance and insurance-related services; Bond and Specialty Insurance, which provides surety, fidelity, management liability, professional liability, and other property and casualty coverages and related risk management services, and certain specialty insurance products; and Personal Insurance, which writes property and casualty insurance covering individuals' personal risks.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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