Financial Services >> Sector Roundtables >> September 3, 2001

Roundtable Forum: Property & Casualty / Insurance Brokers

KENNETH S. ZUCKERBERG is a Vice President/Senior Analyst at Dresdner Kleinwort Wasserstein. Prior to joining the firm in July 2000, he followed non-life insurance stocks at Keefe, Bruyette & Woods, Inc. and was responsible for helping expand that firm's presence in insurance equity research. Mr. Zuckerberg has been actively involved in insurance industry research since 1998, having previously worked for Moody's Investors Service, Smith Barney Inc., Insurance Services Office, Inc. and GEICO Corporation. He is a member of the AIMR, NYSSA and the Association of Insurance and Financial Analysts. Mr. Zuckerberg holds a Bachelor of Science degree in Finance from the University of South Florida, and has completed levels I and II of the Chartered Financial Analyst program. Profile
JAY A. COHEN is First Vice President, Equity Research, at Merrill Lynch and covers the property/casualty insurance industry and the insurance brokers. Prior to joining the firm in 1995, he was associated with Salomon Brothers and has spent two years at Aetna Casualty & Surety as a Surety and Fidelity Bond Underwriter. Mr. Cohen graduated from Union College with a BA in Economics and from Columbia Business School with an MBA in Finance and Management. He currently serves as an Officer of the Association of Insurance and Financial Analysts. In each of the past three years, Mr. Cohen has been included in the Institutional Investor research analyst poll. He has been recognized by The Wall Street Journal as an All-Star Analyst in both stock picking and estimate accuracy and is ranked among the top property/casualty insurance analysts by Greenwich Associates. Mr. Cohen has had articles published in several industry journals and has appeared on CNN and CNBC. Profile
CRAIG K. ELKIND, Vice President at Credit Suisse Asset Management, is an Analyst focusing on US insurance and non-bank financial companies in large-capitalization US equity portfolios. He joined CSAM from Lazard Asset Management, where he was a Global Insurance and Financial Services analyst. Previously, Mr. Elkind was a Partner in Fisher Capital Corp., a Director of insurance ratings at Standard & Poor's and a Financial Manager at SCOR US Corporation. He holds a BA in Mathematical Economics from Colgate University and an MBA in Finance from Columbia Business School. Mr. Elkind serves on the Board of Directors of the Association of Insurance and Financial Analysts and is a CFA. Profile
CLIFFORD H. GALLANT is a Vice President at Keefe, Bruyette & Woods, Inc., a New York-based investment banking and brokerage firm that specializes in banking, financial institutions, and insurance. He is responsible for research coverage of property and casualty insurers. Prior to joining KBW in September 2000, Mr. Gallant was a Vice President at Conning & Company where he was also a property and casualty insurance Analyst. Mr. Gallant also served two years working for the International Department of the Aomori prefectural government in Japan. Mr. Gallant received his BA from Amherst College in 1993 and was certified as a Chartered Financial Analyst in 1999. Profile
TWST: Let's start with the approach you take to the non-life insurance

industry and the segments that you focus on most closely. Jay?

Mr. Cohen: We do all the non-life stocks including the