With property-casualty companies increasing their book value per share, the outlook for property-casualty insurance stocks is now viewed as “compelling” as opposed to “attractive,” according to a Bank of America analysis.

The analysis said that many p-c stocks are trading at or below book value. “We firmly believe that valuation is the most important criteria when investing in insurance, even though we realize that valuation has not mattered lately, as the stocks continue to fall.”

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