Financial Services >> Sector Roundtables >> November 17, 2003

Roundtable Forum: Property & Casualty Insurance

NICK PIRSOS is a Managing Director for Sandler O'Neill & Partners, LP. Mr. Pirsos joined Sandler O'Neill in January 1999 and is Managing Director of Insurance Equity Research. Prior to this, he was an insurance equity analyst at Ryan, Beck & Co. During his 12 years of experience, Mr. Pirsos has served in financial positions internal and external to the insurance industry. At Everest Reinsurance he was Manager of Financial Services, responsible for treasury and financial analysis operations. At The Firemark Group, Mr. Pirsos was responsible for insurance security selection of its insurance sector funds. Previously, he was a senior insurance equity analyst at Ryan, Beck & Co. Mr. Pirsos received his MBA from Pace University, studying Finance and Portfolio Management, and is a graduate of New York University, having majored in Finance and International Economics. He has been a commentator on insurance stocks on CNBC, CNN and Bloomberg television as well as other business news media. In 2002, he was ranked the leading insurance analyst by the Wall Street Journal for stock performance, covering the property-casualty industry. Profile
ELIZABETH C. MALONE is a Managing Director in the research department of Advest Inc. Ms. Malone is head of the securities research insurance effort at Advest. Her responsibilities include analyzing the insurance industry and advising institutional and retail clients on investing in the insurance industry. In addition to Advest, Ms. Malone have been a senior research analyst covering the insurance industry at a number of prestigious Wall Street firms including: Alex. Brown & Sons, now known as Deutsche Bank, Legg Mason Wood Walker, and Friedman Billings Ramsey. In addition, Ms. Malone worked as a financial manager for the National Association of Insurance Commissioners (NAIC). Her responsibilities included working with state insurance departments to identify and manage financially troubled insurance companies. During the mid-1990s, Ms. Malone was a Vice President for a $1 billion market capitalization insurance company. Her responsibilities involved merger and acquisitions as well as working with investors and rating agencies. Ms. Malone has twice been ranked as an All-Star analyst by The Wall Street Journal. In 2002, Zacks Investor Service ranked Ms. Malone as the number one life and health insurance analyst as measured by stock performance. Ms. Malone has a Bachelor of Science degree in Finance and Accounting from the University of Virginia and a Master's of Business Administration in Finance from Loyola College, where she graduated cum laude. In addition, Ms. Malone has been a Chartered Financial Analyst for 15 years. Profile
BIJAN MOAZAMI is a chartered financial analyst and managing director in the financial services research group of Friedman, billings, Ramsey Group, Inc. Mr. Moazami has more than eight years of experience in the property/casualty insurance sector, and is highly respected in his field for his objective, insightful research. Prior to joining FBR, Mr. Moazami worked with Alex. Brown's investment banking division. There, he was actively involved in corporate finance, mergers and acquisitions, strategic advisory, and valuation analysis, and new business pitches to a broad array of clients, primarily in the property-casualty and life insurance sectors. Prior to joining Alex. Brown, Mr. Moazami was an associate research analyst at Morgan Stanley insurance group, where he co-covered property-casualty insurance and reinsurance stocks. Mr. Moazami received his MA in international finance and monetary theory and his BA of commerce in finance and international business from McGill University, Montreal. Profile
TWST: Beth, how have the stocks in the property and casualty insurance

group performed so far this year?

Ms. Malone: The stocks that I follow in the property-casualty industry,

which are