Property-casualty insurance stocks remain a good bet for the long haul, an investment bank said today.
Morgan Stanley analyst William Wilt said his bank's net long position on the p-c insurance group reflects the belief that the stocks are not expensive “and they still offer defensive attributes versus other financial stocks.”
Shares of most non-life insurers have rallied nicely since the close of the first quarter. “We like aspects of the stocks' fundamentals and thus we think they are core holdings to be maintained,” he wrote.
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