Fourth-quarter 2005 results portend challenging times forpersonal lines insurers, according to a new analysis by Bank ofAmerica securities analyst Brian Meredith.
“We expect continued top-line growth pressures and gradualmargin compression,” he wrote, noting, “The personal auto insurershave historically underperformed other property-casualty insurersduring periods of margin compression.”
Among the companies most at risk for margin compression andultimately earnings “misses,” he warned, are Allstate, Safeco andProgressive.
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