Financial Services >> Analyst Interviews >> July 25, 2011

Insurance Companies Trade Below Book Value – Michael Paisan – Stifel, Nicolaus & Co., Inc.

Michael Paisan, Managing Director, joined the Stifel, Nicolaus & Co., Inc., research team in connection with Stifel's acquisition of Legg Mason's capital markets group in December 2005. He provides fundamental research coverage of the property and casualty insurance industry. Mr. Paisan joined Legg Mason from The Williams Capital Group. Prior to that, he was at Keefe, Bruyette & Woods, Inc., with primary responsibility for equity coverage of property and casualty and multilines insurance companies. He was also instrumental in helping launch the insurance research effort at KBW. Prior to KBW, he performed at Deutsche Bank Securities Inc. as an AVP in equity research. Mr. Paisan has a B.A. in economics from Hartwick College and an MBA in finance from the University of Hartford. Profile
TWST: Please begin with a brief overview of your coverage areas, including some of the specific names you follow.

Mr. Paisan: I cover ACE (ACE), XL (XL), Chubb (CB), Travelers (TRV), The Hartford