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Following our recent article on the European banking sector, we decided to focus our analysis on the less disrupted sector of insurance. Why do we like the sector? We like it for the same reason Warren Buffett does.
One reason we were attracted to the P/C business was its financial characteristics: P/C insurers receive premiums upfront and pay claims later. In extreme cases, such as claims arising from exposure to asbestos, payments can stretch over many decades. This collect-now, pay-later model leaves P/C companies holding large sums – money we call “float” – that will