STOCKCHASE

(A Top Pick. June 14/11. Up 19.37%.) Superb property/casualty company. Recently acquired the Ontario high risk motor insurance business of Westaim (WED-T).

2012-05-07

PAST TOP PICK

61.860

Greg Newman

(A Top Pick Sept 22/11. Up 14.85%.) Still buying. Property/casualty insurers are a great place to be. Very defensive. This company has great return on equity relative to the industry.

2012-04-26

PAST TOP PICK

61.740

Michael Simpson, CFA

(A Top Pick March 2/11. Up 30.6%.) Acquired a European subsidiary, which then merged in with their own operations. Very well managed.

2012-04-12

TOP PICK

58.770

Keith Richards

Great trend. Did report a great earnings report recently. Blew away previous good report by 14%. It is in fact touching the trend line so it is a good time to buy.

2012-03-12

TOP PICK

58.700

Property/casualty insurance. Marvellously run. Has just expanded by 40% by acquiring a Canadian subsidiary of a French company. Still motivated to buy up many more subsidiaries.

2011-12-13

BUY

58.260

One of the best-managed financials in Canada. Good long-term hold. He prefers the one from top picks tonight, but there is no problem with this one.

2011-12-12

PAST TOP PICK

56.900

Greg Newman

(A Top Pick Sept 22/11. Up 3.43%.)

2011-11-30

BUY

57.290

Ross Healy

Earnings are soaring on this company and the forecasts for 2012 are doing quite well. Doesn't appear to have stepped on any land mines. Yield of 2.6% is not exciting. His upside target is as much as $70.

2011-11-17

TOP PICK

56.900

Greg Newman

[Program signal failed in Sept. Also the web site did not record a clip for top picks. No opinions were recorded for Top Picks. This item was inserted on Nov 30/11.]

2011-09-22

TOP PICK

53.210

Marc-Andre Gaudreau

6.4% due Nov 23/39. Largest P & C company in Canada. Very fragmented industry. Very strong underwriters. Recent acquisition makes the bond safe and attractive.

2011-09-16

PAST TOP PICK

53.210

Marc-Andre Gaudreau

(A Top Pick Aug 19/10. Up 8.76%.) 6.4% 11/2039 bond. (Long term)

2011-09-16

SELL

54.410

Has done fairly well over the last 12-18 months but doesn't see how it keeps going from here. Probably the best managed insurance company in Canada. If you own, take profits and look elsewhere.

2011-09-08

TOP PICK

56.080

Laura Wallace

Recently made a good acquisition of AXA Canada at a price lower than most analysts had expected. It brings them into a 17% market share in Canada, but more importantly, it gives them diversification. Very accretive. Dividend yield of 2.7%.

2011-07-15

TOP PICK

54.030

Brought to market by ING during the crisis. Market has been waiting for a couple of years for this company to continue its program of buying foreign property and casualty companies. Just made an acquisition. By far the largest operator of these businesses in Canada. Sort of nice dividend, blue chippy company.

2011-06-14

BUY

54.560

Decent move over the last couple of years. Back in the acquisition mode as they were before when they were growing.

2011-06-13

Comment

54.620

Terry Shaunessy

Acquiring AXA Canada for $2.6 billion. Likes this to the extent that as you get rid of competition, you can be a little more aggressive on premiums. Also gives a better earnings profile.

2011-06-01

TOP PICK

48.850

Michael Simpson, CFA

Insurance company big in Ontario, Alberta and Quebec. About 70% of revenue comes from personal, auto and home. Because of reforms, expects auto insurers in Ontario are not going to have to pay out more in terms of expenses. Good balance sheet. Just raised their dividend by 8%. Have some good catalysts. Could be an acquirer. 3% yield and expects that to grow along with earnings.

2011-03-04

HOLD

44.900

Of all the property/casualty companies, this would be his favourite. Exceptionally well managed.

2010-10-04

TOP PICK

44.660

Marc-Andre Gaudreau

Top Picks include 3 bonds, short term, medium term and long term. 6.4% 11/2039 bond. (Long term) This is a company that he feels comfortable with. Have good traction and are gaining market share.

2010-08-19

DON'T BUY

43.460

Philip Doyle

Strong franchise in property and casualty insurance. Well run. Assessing insurance companies is always difficult because they combine both an underwriting operation and a portfolio management operation. Probably reasonably priced but would prefer a more diversified exposure to the financial sector such as an ETF.

2010-03-26

PAST TOP PICK

37.500

(Top Pick Feb 13/09, Up 31.7%) An Acquiring company, but hasn’t acquired anything recently. High Quality, good dividend. Might itself be a takeout candidate.

2010-01-21

STRONG BUY

36.270

Property/casualty is driven around the concept of hard markets and soft markets. Coming out of recession we often fall into a hard market because of the way governments regulate pricing. It looks like we are coming back into another one of those periods were pricing is going to be spectacular. Management is superb.

2009-12-03

PAST TOP PICK

33.820

(A Top Pick May 2/08. Down 10.12%. Stoploss of $37.50 so he would have been down only 6.9%.) A very choppy stock so wouldn't look at this right now.

2009-05-13

TOP PICK

28.600

Went through a peculiar selling of most of its stock by the distressed parent bank in Holland at an amazing discount of 20%.company is at the beginning of the forthcoming property/casualty cycle because of hurricanes.

2009-02-13

Comment

28.820

Andrew Guy, CFA

Largest property/casualty insurer in Canada. ING globally had some balance sheet challenges. Selling ING Canada was a way for them to raise $1.5 billion. Very well run operation. Because of the economy, there may be questions if they can get the same rates.

2009-02-04

TOP PICK

31.610

One of the largest single property/casualty insurance companies in Canada. Had a bit of a downer with its investment portfolio but are currently very confident of moving back into an acquisition mode. Have excess capital so do not need to raise debt. Brilliantly run.

2008-12-31

BUY

30.900

Don Reed

Has been a little bit stronger over the last little while. He has just added to his position.

2008-12-10

HOLD

35.000

It has dropped off but so has its competitors. Well-financed company, good underwriting record.

2008-10-16

PAST TOP PICK

31.750

(Top Pick May 2,/08, Down 18% or 10% if you use his stop) Broke down below it’s support, so get out. If it rallies back above $34 sell then get back at that level later.

2008-10-10

TOP PICK

40.300

Financials are bottoming out and turning around. Think they will add a lot to the TSX until the end of the summer. Chart shows a bit of a double bottom. $37.50 would be his stoploss.

2008-05-02

DON'T BUY

38.500

Paul Thornton

This was a stock that was going lower long before the mortgage problems started. Can't see any growth here.

2008-04-11

DON'T BUY

36.980

Property/casualty insurance division in Canada for the Dutch ING bank. The insurance cycle has not been that great for them. Also, investment returns have not been that great. Longer term, a good one to own, but in the near term he doesn't see a catalyst for it. If you own, try to sell on rallies.

2008-03-10

Comment

39.580

The biggest property/casualty insurer in Canada. Long-term outlook is good. Near-term, margins have been under pressure. You may not see a lot of upside in the next 6 to 12 months but probably a good place to be looking out over 4 or 5 years.

2008-01-07

SELL

39.170

Paul Thornton

(Market Call Minute)

2007-11-21

TOP PICK

43.660

Property and Casualty insurance. A leader in Canada. Being a little speculative on the concept that parent ING may decide it doesn’t ant to be public. A good conservative Hold.

2007-09-24

DON'T BUY

45.330

Bruce Campbell

There wasn't much upside at $51. Valuation was okay, but growth was low.

2007-06-05

WATCH

46.220

Ross Healy

Fair market value has been calculated at $84, which means the stock is very cheap. Some risk at the $43 or $44 mark, but if it gets there it would be a BUY. Upside is $60.

2007-06-01

BUY

47.380

Has been looking at a lot of the Property & Casualty insurers which have been having some losses. Doesn't think this is going to go on forever and this is getting into an area where it could be a buy.

2007-05-28

HOLD

47.660

Brian Acker, CA

Had a bad quarter in terms of their insurance. His model price is $56.29, an 18% positive differential, but the model price is dropping. The next major bottom would be about $41.44.

2007-05-24

BUY

48.130

Jean-Francois Tardif

This type of stock you buy when earnings are below normal, and sell it when earnings are above normal. Right now it's close to below normal. A very well managed company. Not his type of stock because it's too big and the growth rate is too low.

2007-05-22

DON'T BUY

48.110

Largest property/casualty insurer in Canada. The insurance cycle has not been that good for them. Return on their investments portfolio has been sub par. Until there is a catalyst that changes this, he wouldn't want to own.

2007-05-18

BUY

50.070

Patrick Kim

One of the pre-eminent property and casualty companies. Good price. Fantastic track record of having some of the highest ROE’s in the business. Good management team.

2007-05-14

SELL

49.000

David Burrows

Well out of favour. Has been falling over the last year. Can't see any support.

2007-04-24

Comment

50.160

Property/casualty. A cyclical business. If you are a long-term player, this is the premier company and consolidator in the business. In the near-term, it will probably show some further weakness.

2007-04-16

DON'T BUY

51.100

Down because of concerns of the nature of property and casualty market. Had a period of good profitability, so may be in for a period of uncertainty. 10%-15% lower would be in his price target.

2007-04-11

DON'T BUY

51.780

Bruce Campbell

Pretty close to being fully valued.

2007-03-06

BUY

51.320

David Driscoll

A long-term hold; so don't sell because the stock has been dropping in the last 3 to 6 months. Free cash flow is being generated and dividends are rising. Price decline is a buying opportunity.

2007-02-15

BUY

52.700

Steve Carlin

Property-casualty business. Best company in Canada. Has been suffering over the last 3-4 quarters due to higher claims ratios and auto insurance pricing being a little challenging in Ontario. Claims look like they're stabilizing. Doesn't expect much earnings growth.

2007-02-14

TOP PICK

52.980

Chyanne Fickes

Trading at 9 X earnings, which is ridiculous for a company of this quality. Earnings are expected to grow quite nicely this year. Did not get impacted by the weather last fall as was expected. Great management.

2007-02-06

BUY

51.710

Valuations are pretty extended relative to the group. He has been treating it as a trading stock between the high $50 to the low $50. Has recently been adding to the position.

2007-01-22

SELL

52.840

Charles Lannon

A lower margin business. Its parent has been suffering lower margins as well. They'll struggle to retain share going forward.

2007-01-09

DON'T BUY

52.700

It's at the low level in a trading range, but one thing that scares him is the trading range is bound by the $51 mark and $53.25 is a critical support level. A rally should have occurred by now so he feels there could be more sellers.

2007-01-02

DON'T BUY

52.530

David Cockfield

Well run company. Has made good penetration in Canada. Doesn’t see a lot of downside, but also not much upside.

2006-12-27

HOLD

53.900

Property and casualty insurance. Stock price has gone nowhere for most of last year. Had a couple of good years. Very well run company.

2006-12-07

DON'T BUY

55.640

David Baskin

Prefers the parent company, ING Groep NV (ING-N). It was hot in the beginning, but hasn't done much lately. With the parent company, you get a bigger spread of business.

2006-11-21

Comment

54.930

James Cole, BA, CFA

Doesn’t like its dual class stock. They’ve done exceptionally well.

2006-11-13

DON'T BUY

58.890

Have had a great run since going public. Earnings continue to beat expectations. Think the cycle is slowing down a little, so is getting a little leery.

2006-11-08

HOLD

54.950

Larry Berman CFA, CMT, CTA

This is an asset of tremendous quality. Easily the most aggressive acquisition philosophy of the banks. Keep as a long-term investment.

2006-08-24

BUY

54.190

David Driscoll

Has been going sideways as have been most of the Canadian banks because we are going through a change of rising interest rates. Nothing wrong with owning this, you just have to have a longer time horizon.

2006-08-17

SELL

53.870

Has been very surprised at how well it has hung in here. Haven't had the economic downturn yet that necessitates the tightening and thinks that is still coming. This would give you another leg down.

2006-07-24

HOLD

53.210

A very strong, progressive pursuer of acquisitions. Expects it to continue to be brilliantly managed.

2006-06-22

DON'T BUY

56.700

Gordon Higgins, CA, MBA

Have made some very successful acquisitions. With this stock, you have to count on acquisitions. Fully valued.

2006-06-07

HOLD

56.400

Ross Healy

Probably has the best upside of all the Canadian insurers and banks. His fair market value is about $70. Stock has been behaving quite nicely. Well run organisation.

2006-05-29

DON'T BUY

59.000

Brian Acker, CA

His model price is $59.49 so it is not mispriced.

2006-05-10

BUY

59.070

A cyclical market. Will go into a downturn at some point, but for now they have done better than what has been expected. Valuation is not too bad. Could be doing an acquisition soon.

2006-04-26

TOP PICK

55.890

The biggest property/casualty company in Canada. Consistently makes money on their insurance. Have a lot of distribution channels. Just raised their dividend.

2006-04-11

DON'T BUY

54.760

Gordon Higgins, CA, MBA

The whole story here is growth and consolidation. Did some amazing acquisitions and were able to pull the costs out but it's already reflecting the next acquisition.

2006-04-05

BUY

56.000

Ian Nakamoto

The property/casualty industry is fragmented and they are one of the leaders in consolidating that business. An excellent company.

2006-01-31

BUY

51.440

This is more racy then buying one other major insurance company. It is very interesting, high-performance casualty firm. Feels it will be good and solid and a good one to acquire. If there is a temporary pitfall, he probably would be a buyer.

2006-01-03

BUY on WEAKNESS

45.800

Fred Pynn

Property and casualty business in Canada is highly fragmented and this is the largest player. There is some opportunity for consolidation. This company has done extremely well since its IPO. Would buy this piece by piece when there is weakness.

2005-11-30

SELL

45.150

Mark Jackson, CFA

Not a fan of the property/casualty business because it's very cyclical and a very competitive market place where margins can get squeezed very quickly. They are probably at their best profitability that they've seen for some time and it's likely to turn down.

2005-11-15

BUY

43.780

There are hundreds of small property/casualty companies and this company would like to be a consolidator. A wonderful operator.

2005-09-20

BUY

44.800

Brian Acker, CA

A good buy. His model price is $52.69.

2005-09-07

BUY

36.400

Jonathen Wellum, B. Comm, B. Sc

On his radar screen. Likes it. The only big general property/casualty that's available in Canada. A cyclical business and we are somewhere near the top of the cycle. Very efficient.

2005-08-08

BUY on WEAKNESS

34.100

Likes the business in Canada. It's a tough and fragmented business and management has shown that they can make prudent acquisitions and drive costs out. Further consolidation will be needed to drive it further.

2005-07-19

DON'T BUY

32.880

Has become the dominant property casualty insurance company in Canada largely through acquisitions and attrition. Would wait for it to sell off before buying.

2005-05-25

BUY

32.900

One of the leading property/casualty companies. Really good 1st quarter numbers. Could be an acquirer.

2005-05-16

BUY

33.590

Gordon Higgins, CA, MBA

Cheap. You have to watch out for compression of the auto insurance underwriting ratio. Auto insurance is a volatile business. This is why it trades at a cheap multiple. Had an awesome earnings year. Made a very significant acquisition which entails an integration risk, but the numbers seem to be coming in.

2005-05-03

BUY

32.700

Paul Harris, CFA

Property and casualty has had some nice pricing pressure over the last little while. Relatively cheap. Good company.

2005-03-28

BUY

34.000

Fred Pynn

Well run. Unlikely to see another pop in price in next 6 months. Solid long term investment.

2005-03-03

DON'T BUY

33.830

Good market for insurers. No one making claims. Shaving off profits as the years to come.

2005-03-01

BUY

33.900

Right now is a very good time to be in the property/casualty business in Canada. Fundamentals are very good. Longer term property/casualty is cyclical, so not a Buy and Hold.

2005-02-23

BUY

29.290