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Top Insurance Industry Trends in 2024
Adam Maloney, Elementum Advisors
Paul Newsome, Piper Sandler
Meyer Shields, KBW
Vaibhav Vish, FJ Capital Management

December 19, 2023
Tuesday 06:00 PM        Add to Calendar
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Join Washington Association of Money Managers and FJ Capital Management on
Tuesday, December 19th for a discussion on


Next in Insurance: How Long Can the Hard Market Continue to Defy Gravity?



Location:
FJ Capital Management, LLC
Lobby Lounge/Presentation Area
7901 Jones Branch Drive
McLean, VA 22102

Time:
Reception will begin at 6:00 PM ET
Panel discussion will begin at 6:30 PM ET

COVID-19 Safety Guidelines: We require all registrants to be vaccinated against COVID-19 prior to attending WAMM events.

Warren Buffett once wrote that “big opportunities come infrequently. When it’s raining gold, reach for a bucket, not a thimble.” Is it still raining gold for the insurance industry? Insurance stocks look attractive today as momentum on the pricing front continues to be positive for the insurers. Net investment income could surprise to the upside during the next earnings season as the benefit from rising interest rates flows through the P&L of the insurance companies with a lag. Should the Fed enter an easing cycle later in 2024, there is still a significant gap between the yields rolling off the portfolio and the yield on new bonds being added into the book supporting NII margin going forward. At the same time, commercial real estate exposure has been a headwind to certain insurance stocks this year. Still, the market could become more comfortable with the asset quality if we get confirmation that the Fed is about to do a dovish pivot.

During this time of year, investors traditionally start asking for long ideas as they reassess year-to-date leaders and laggards. Moreover, home, auto, and commercial business owners have meaningful interest on the continued magnitude and duration of the insurance pricing cycle and how it might affect their personal and business budgets. We are fortunate to have highly respected industry experts to walk us through the insurance sector outlook for 2024 and beyond. Adam Maloney is a Partner and Head of Business Development & Investor Relations for Elementum Advisors, LLC. Paul Newsome is a Managing Director and Senior Research Analyst at Piper Sandler. Mr. Newsome has worked in or covered the insurance industry for over 20 years. Meyer Shields serves as a Managing Director at KBW covering property and casualty insurance. Vaibhav Vish is a Co-Portfolio Manager for the Financial Opportunity Long/Short Fund and Market Neutral Strategy at FJ Capital Management LLC with a focus on insurance, as well as specialty finance and traditional real estate. Mr. Vish has analyzed insurance companies for more than a decade.

Please note that the Chatham House Rule applies – neither the comments of the speaker nor those of other participants are for attribution.

Please register below by 6:00 PM ET on Tuesday, December 19, 2023. The event is free for WAMM members and non-members. Please try to register early, as the space is limited!

Metro and Parking: Closest metro station is Tysons Metro Station (Silver line). Covered parking is available free of charge at the building's garage.


Adam Maloney, CFA
Partner and Head of Business Development & Investor Relations
Elementum Advisors, LLC

Adam Maloney, CFA, is a Partner and Head of Business Development & Investor Relations for Elementum Advisors, LLC. Prior to joining Elementum, Adam was with JPMorgan Asset Management (JPMAM) for over eight years where he was a portfolio manager in the Global Multi-Asset Group responsible for portfolio construction focusing on liability-driven investment strategies (LDI), discretionary outsourced CIO mandates, and inflation sensitive strategies. He was also a manager research analyst covering Non-US equity and Fixed Income and Commodity strategies. Prior to JPMAM, Adam was an Account Executive at Travelers and a member of the Travelers Underwriting Development Program.

Adam is a graduate of Boston College with a BS in Finance and holds the Chartered Financial Analyst designation.

Meyer Shields
Managing Director
KBW

Meyer Shields is a Managing Director at KBW. Meyer joined KBW in 2013 and covers property and casualty insurance. Previously, he was a Director at Stifel, covering property and casualty insurance. Earlier in his career, Meyer was an Associate Analyst at Legg Mason and J.P. Morgan. His industry experience includes eight years of increasing responsibility within Zurich Financial Services’ actuarial department.

Meyer received a BSc from the University of Toronto in actuarial science. He is also a Fellow of the Casualty Actuarial Society.

Paul Newsome, CFA, CPCU
Managing Director and Senior Research Analyst
Piper Sandler

J. Paul Newsome is a Managing Director and Senior Research Analyst at Piper Sandler. Previously, he was a managing director and the senior insurance analyst in the research department of Sandler O’Neill + Partners, L.P. Before that, he was vice president and the senior property-casualty insurance company research analyst at A.G. Edwards and at Lehman Brothers. Paul has worked in or covered the insurance industry for over 20 years. Prior to Lehman Brothers he worked at Dain in Minneapolis, and Oppenheimer and Company.

Paul has a bachelor’s degree in mathematics and economics from St. Olaf College, a master's degree in accounting from New England College and a master’s degree in economics from Iowa State University. He holds both the Chartered Financial Analyst and the Chartered Property Casualty Underwriter designations.

Vaibhav Vish
Co-Portfolio Manager
FJ Capital Management, LLC

Vaibhav Vish joined FJ Capital Management in 2021 and serves as Co-Portfolio Manager for the Financial Opportunity Long/Short Fund and Market Neutral Strategy. His responsibilities include portfolio management, investment research, and risk management, with a focus on insurance, as well as specialty finance and traditional real estate.

Previously, Vaibhav was a Portfolio Manager at Millennium Management leading a team covering North American financials. Prior to this, he was an Analyst at Citadel, specializing in North American insurance companies. Vaibhav began his career in investment banking at Lazard and subsequently worked at 3i in private equity and at a 3i portfolio company.

Vaibhav graduated summa cum laude with a Bachelor of Science in Economics from The Wharton School, University of Pennsylvania with a quadruple major in Finance, Real Estate, Legal Studies & Business Ethics, and Entrepreneurship, and a minor in Religious Studies. He also received Beta Gamma Sigma and Theta Alpha Kappa honors and was a Joseph Wharton Scholar, Benjamin Franklin Scholar, and Wharton Research Scholar.



Location:
FJ Capital Management
7901 Jones Branch Drive
McLean, VA 22102