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    C. Gregory Peters

    Managing Director at Raymond James

    C. Gregory Peters is a Managing Director at Raymond James & Associates, specializing in the Financial Services sector and covering companies such as Brown & Brown, Verisk Analytics, Allstate, Mercury General, and The Hartford. With over 200 ratings issued, he holds a strong track record, including a success rate of approximately 72%, an average return of nearly 14%, and standout recommendations like a 26.76% profit on Willis Towers Watson in just 16 days. Peters began his analyst career at ABN AMRO Asset Management USA before joining Raymond James, where he has established himself as a top analyst out of nearly 5,000 peers. He holds professional credentials in line with his senior role, including relevant securities licenses and likely FINRA registration.

    C. Gregory Peters's questions to AMERICAN COASTAL INSURANCE (ACIC) leadership

    C. Gregory Peters's questions to AMERICAN COASTAL INSURANCE (ACIC) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James inquired about the Skyway Underwriters business, specifically the notable improvement in its quote-to-bind ratio and its target market. He also asked for clarification on the structure of the reinsurance program's second and third event coverage.

    Answer

    President & CEO Bennett Bradford Martz explained that the company is cautiously optimistic about its admitted apartment business (Skyway), which offers a compelling alternative to the E&S market. He noted the company is being selective and not chasing rates. Martz confirmed this is a property-only book with no liability exposure. Regarding reinsurance, he detailed how the program is designed to handle multiple events, highlighting the role of the Florida Hurricane Catastrophe Fund and a new cascading feature that allows top layers to drop down to fill gaps, enhancing protection for second and third events.

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    C. Gregory Peters's questions to AMERICAN FINANCIAL GROUP (AFG) leadership

    C. Gregory Peters's questions to AMERICAN FINANCIAL GROUP (AFG) leadership • Q2 2025

    Question

    C. Gregory Peters asked about AFG's growth position in the inland and ocean marine businesses, the potential impact of tariffs on trade credit, and sought clarification on the M&A environment mentioned in the opening remarks.

    Answer

    Co-CEO Carl Lindner III stated that while the builders risk side of inland marine has seen fewer opportunities, the ocean marine business has provided growth. He acknowledged tariffs could eventually impact shipping volumes but sees no significant effect yet. Regarding the M&A business (referring to M&A insurance, not corporate acquisitions), he clarified it's a profitable, specialized unit that is seeing a high level of activity this year after a slower 2024.

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    C. Gregory Peters's questions to AMERICAN FINANCIAL GROUP (AFG) leadership • Q2 2025

    Question

    C. Gregory Peters asked about AFG's positioning for growth in its inland and ocean marine businesses, the potential impact of tariffs, and sought clarification on the M&A environment mentioned in the opening remarks.

    Answer

    Co-CEO Carl Lindner III explained that while they have a strong Ocean Marine book, builders risk opportunities have been slower due to the economy. He acknowledged potential tariff impacts but noted none are significant yet. He clarified that the M&A commentary referred to their Mergers & Acquisitions insurance business, which is seeing high activity and profitability this year, not corporate M&A strategy.

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    C. Gregory Peters's questions to AMERICAN FINANCIAL GROUP (AFG) leadership • Q2 2025

    Question

    C. Gregory Peters from Raymond James asked about AFG's growth position in inland and ocean marine insurance, the potential impact of tariffs on these lines and the trade credit business, and sought clarity on the M&A commentary from the opening remarks.

    Answer

    Co-CEO Carl Lindner III clarified that the M&A commentary referred to their M&A insurance business, which is seeing high activity this year, not corporate M&A strategy. Regarding marine lines, he noted growth in Ocean Marine but fewer opportunities in builders risk. He acknowledged tariffs could eventually impact shipping volumes and trade credit premiums but stated they are not seeing a negative effect currently; in fact, the trade credit business is growing.

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    C. Gregory Peters's questions to AMERICAN FINANCIAL GROUP (AFG) leadership • Q2 2025

    Question

    C. Gregory Peters inquired about the growth positioning for the inland and ocean marine businesses, the potential impact of tariffs on the trade credit business, and sought clarification on the M&A environment mentioned in the opening remarks.

    Answer

    Co-CEO Carl Lindner III clarified that the M&A commentary referred to their Mergers & Acquisitions insurance business, which is seeing significant activity and profitability this year. Regarding marine lines, he noted a strong ocean marine book but fewer opportunities in builders' risk, and that while tariffs could eventually impact shipping volumes, no significant effect is visible yet. He added that the trade credit business is currently seeing growth due to some market hardening.

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    C. Gregory Peters's questions to AMERICAN FINANCIAL GROUP (AFG) leadership • Q2 2025

    Question

    C. Gregory Peters asked about growth positioning in the inland and ocean marine businesses, the potential impact of tariffs on marine and trade credit lines, and sought clarification on the M&A commentary from the prepared remarks, questioning if it signaled a change in corporate strategy.

    Answer

    Co-CEO Carl Lindner III clarified that the M&A commentary referred to their M&A insurance business (reps & warranties), which is seeing strong activity, not corporate acquisitions. He noted that while tariffs could eventually impact shipping volumes for the marine and trade credit businesses, they are not seeing a material effect yet and the trade credit business is currently growing due to market hardening.

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    C. Gregory Peters's questions to Baldwin Insurance Group (BWIN) leadership

    C. Gregory Peters's questions to Baldwin Insurance Group (BWIN) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James asked for an explanation of the year-over-year decline in adjusted free cash flow, the financial impact of expiring interest rate caps, and a deeper analysis of the Main Street segment's flat organic growth.

    Answer

    CFO Brad Hale explained the free cash flow decline was due to the timing of working capital, particularly contingent receipts, which are expected to normalize. He confirmed the expiring interest rate caps have no financial consequence. CEO Trevor Baldwin detailed that Main Street's performance was impacted by a known commission reduction with QBE and unanticipated elevated churn in the Medicare business, but highlighted strong underlying momentum in the builder and mortgage channels.

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    C. Gregory Peters's questions to Baldwin Insurance Group (BWIN) leadership • Q2 2025

    Question

    C. Gregory Peters from Raymond James asked for an explanation of the year-over-year decline in adjusted free cash flow, the financial impact of expiring interest rate caps, and the reasons for the weaker-than-expected organic growth in the Main Street Insurance (MIS) segment.

    Answer

    CFO Brad Hale clarified that the free cash flow decline was due to the timing of accounts receivable collections, particularly contingent receipts, which are expected to normalize. He confirmed there is no financial consequence from the expiring interest rate caps. CEO Trevor Baldwin explained the MIS segment's flat growth was driven by a planned commission reduction on its builder portfolio and unexpected elevated churn in its Medicare business, but highlighted strong underlying momentum in new embedded partnerships.

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    C. Gregory Peters's questions to PROGRESSIVE CORP/OH/ (PGR) leadership

    C. Gregory Peters's questions to PROGRESSIVE CORP/OH/ (PGR) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James asked for perspective on the 12% LAE factor used in the presentation, inquiring about historical trends and the potential for future improvements from technology. He also questioned if price decreases could disrupt retention by triggering consumer shopping.

    Answer

    Tricia Griffith, CEO, President & Director, stated that LAE has consistently decreased over the last 10-15 years and that they continue to focus on cost reduction through technology. Bradley Granger, National Automobile Pricing Leader, added that the 12% figure was illustrative. Regarding price decreases, Griffith explained they typically spur new business growth rather than disrupt retention, though the current shopping environment remains highly volatile due to many factors.

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    C. Gregory Peters's questions to Hagerty (HGTY) leadership

    C. Gregory Peters's questions to Hagerty (HGTY) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James asked for details on Hagerty's European expansion strategy, the progress and rollout timeline for the State Farm integration, and the strategic rationale for shifting to a 100% risk retention model with Markel.

    Answer

    CEO McKeel Hagerty detailed that European expansion is being led by auctions, with a focus on the growing 'young timer' market. He confirmed the State Farm integration is live in 17 states, targeting 25 by year-end, and emphasized the importance of the guaranteed policy rollover volume. Hagerty described the move to 100% risk retention with Markel as a long-planned, mutually beneficial evolution of the partnership that is economically favorable for Hagerty and aligns with Markel's preference for fronting relationships.

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    C. Gregory Peters's questions to Arthur J. Gallagher & (AJG) leadership

    C. Gregory Peters's questions to Arthur J. Gallagher & (AJG) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James asked for more detail on the long-term drivers of margin expansion for 2026 and beyond. He also inquired about the integration process for Assured Partners, specifically if suspended workstreams have resumed and if the closing delay will impact synergy realization.

    Answer

    CFO Douglas K. Howell outlined several margin drivers including a culture of continuous improvement, AI successes, technology investments, and the scalability of their operating model, promising more detail at the September investor day. CEO J. Patrick Gallagher clarified that high-level integration planning continued during the review period and they are ready to "hit the ground running," with Mr. Howell adding that only a few of the thirteen workstreams were paused.

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    C. Gregory Peters's questions to Arthur J. Gallagher & (AJG) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James asked for more detail on the long-term drivers of margin expansion, particularly for 2026 and beyond, and questioned if the delay in the Assured Partners closing would impact the timeline for realizing synergies.

    Answer

    CFO Douglas K. Howell pointed to a culture of continuous improvement, AI projects, and technology investments as key long-term margin drivers, promising more detail at the upcoming Investor Day. CEO J. Patrick Gallagher stated they are "ready to hit the ground running" on the Assured Partners integration, maintaining that it will be accretive in its first year. CFO Howell added that they only lost a few months of progress despite the longer closing timeline.

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    C. Gregory Peters's questions to Skyward Specialty Insurance Group (SKWD) leadership

    C. Gregory Peters's questions to Skyward Specialty Insurance Group (SKWD) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James inquired about Skyward's cycle management strategy, asking for details on the reserving approach for high-growth lines like agriculture and credit. He also asked about the outlook for investment income, given the performance and runoff of the alternative asset portfolio.

    Answer

    CEO Andrew Robinson explained that the company maintains a conservative reserving philosophy, particularly for lines with inherent volatility like agriculture. He noted that while the alternatives portfolio, now less than 5% of total investments, created volatility this quarter, it is in runoff and should not distract from the strong core underwriting performance. Robinson emphasized that capital from redemptions is being reinvested into the core fixed-income portfolio.

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    C. Gregory Peters's questions to ALLSTATE (ALL) leadership

    C. Gregory Peters's questions to ALLSTATE (ALL) leadership • Q2 2025

    Question

    C. Gregory Peters from Raymond James asked for an update on auto insurance frequency trends and the company's view on the long-term impact of accident avoidance technology and autonomous driving. He also requested details on the changes to Allstate's reinsurance program for the current year.

    Answer

    Tom Wilson, Chairman, President & CEO, explained that while autonomous driving's engineering hurdles are largely solved, the economic challenge of fleet turnover remains, leading to a gradual decline in frequency but higher repair costs. Mario Rizzo, President of Property-Liability, noted that current frequency trends are favorable, continuing a pre-COVID downward trajectory. On reinsurance, EVP and CFO Jess Merten detailed that the total catastrophe limit was increased by $2 billion to over $11 billion at a 10% risk-adjusted cost decrease, including an additional $325 million in aggregate coverage.

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    C. Gregory Peters's questions to EVEREST GROUP (EG) leadership

    C. Gregory Peters's questions to EVEREST GROUP (EG) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James questioned the discrepancy between Everest's commentary on reinsurance pricing and reports from brokers and other carriers suggesting more significant pricing pressure at the July 1 renewals. He also asked how Everest is navigating price competition in the large-account insurance market.

    Answer

    Jim Williamson, President & CEO, attributed Everest's more favorable reinsurance pricing to its focus on a 'sweet spot' in programs, its status as a lead market, and writing non-concurrent terms. He acknowledged that broker data is broader and includes more competitive facultative markets. In insurance, Williamson conceded that the large-account property market is competitive but stated that pricing remains adequate. He noted Everest is becoming more selective in North America while pursuing growth in international markets and specialty lines.

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    C. Gregory Peters's questions to Verisk Analytics (VRSK) leadership

    C. Gregory Peters's questions to Verisk Analytics (VRSK) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James & Associates, Inc. asked for clarification on Verisk's capital allocation plan, specifically how it intends to both delever its balance sheet and continue share repurchases after the AccuLinks acquisition.

    Answer

    CFO Elizabeth Mann explained that the financing includes prepayable debt. The company's strong free cash flow, which will be enhanced by the acquisitions, will enable a combination of debt reduction and ongoing share buybacks, although the pace of repurchases may be more moderate than in periods without M&A.

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    C. Gregory Peters's questions to CINCINNATI FINANCIAL (CINF) leadership

    C. Gregory Peters's questions to CINCINNATI FINANCIAL (CINF) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James asked for an update on the personal lines business, specifically the strategic reset in California following the wildfires. He also inquired about reinsurance, asking if subrogation rights were sold and requesting details on the newly purchased additional catastrophe layer and the company's net retention for hurricane events.

    Answer

    President & CEO Stephen Spray confirmed that the company is implementing lessons learned in California around model recalibration and aggregation management. He stated that subrogation rights have not been sold. Regarding reinsurance, he explained that CINF added a $300M layer excess of $1.5B via the traditional market and clarified that the company's all-perils property cat treaty has a single $300M retention for events like hurricanes or wildfires.

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    C. Gregory Peters's questions to CINCINNATI FINANCIAL (CINF) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James asked about the company's future exposure strategy in California personal lines, whether subrogation rights for the wildfires were sold, and for details on the new reinsurance layer and its impact on hurricane season exposure.

    Answer

    President & CEO Stephen Spray confirmed the company is implementing lessons learned in California around model recalibration and aggregation and has not sold its subrogation rights. He explained that an additional $300M reinsurance layer was purchased for balance sheet protection due to premium growth. He clarified the entire property cat treaty was reinstated and is an 'all perils' contract with a $300M retention, covering hurricanes and other events.

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    C. Gregory Peters's questions to HARTFORD INSURANCE GROUP (HIG) leadership

    C. Gregory Peters's questions to HARTFORD INSURANCE GROUP (HIG) leadership • Q2 2025

    Question

    C. Gregory Peters from Raymond James sought more color on the company's data science and AI advancements, asking if the 75% automated bind ratio in Small Business is a final target and how this technology might be applied to Middle Market. He also asked for framing on the upcoming year-end asbestos reserve review.

    Answer

    Chairman & CEO Christopher Swift and President A. Morris Tooker confirmed the playbook is to emulate the AI-driven automation from Small Business in the Middle Market to enhance speed and efficiency. Regarding the reserve review, Swift stated he doesn't anticipate anything dramatically different from past years, as the underlying drivers of asbestos claims remain.

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    C. Gregory Peters's questions to BROWN & BROWN (BRO) leadership

    C. Gregory Peters's questions to BROWN & BROWN (BRO) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James sought details on the pending acquisition of Ascension, focusing on the timing of synergies, the organic growth profile of the acquired businesses, and the nature of a $750 million set-aside.

    Answer

    President, CEO & Director J. Powell Brown reiterated that synergies would be realized over 3.5 years and praised the talent and specialization within Ascension. He noted their growth profile is similar to Brown & Brown's. He clarified the set-aside is for discontinued operations that are in runoff, a matter on which extensive due diligence was performed.

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    C. Gregory Peters's questions to OLD REPUBLIC INTERNATIONAL (ORI) leadership

    C. Gregory Peters's questions to OLD REPUBLIC INTERNATIONAL (ORI) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James inquired about renewal retention trends in the specialty P&C business, competitive pressures in the large account market, the potential impact of a proposed title insurance rate decrease in Texas, and the growth drivers for the home/auto warranty and cyber insurance businesses.

    Answer

    President & CEO Craig Smiddy stated that renewal retentions are strong (over 85%) due to a service-oriented value proposition, differentiating their property book from cat-heavy peers. He noted the large account business is sticky due to long-term, service-focused relationships. Regarding Texas title rates, Smiddy and Title CEO Carolyn Monroe explained the proposed decrease is currently challenged in court and they believe the final rate will remain adequate. Smiddy also clarified that growth in the warranty segment is driven by auto, not home, due to new partnerships. For the new cyber initiative, he outlined a deliberate, long-term strategy, focusing on building the team and waiting for pricing adequacy before writing significant business.

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    C. Gregory Peters's questions to Chubb (CB) leadership

    C. Gregory Peters's questions to Chubb (CB) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James inquired about the impact of litigation challenges and social inflation on casualty and general liability coverages, and the prospects for tort reform at the federal and state levels.

    Answer

    Chairman & CEO Evan Greenberg clarified that while social inflation is a significant public policy issue for the country, Chubb's role as an insurer is to price for that risk. He emphasized that the industry intermediates money, not prints it, and must charge appropriately for the hostile liability environment. The full response was interrupted by technical difficulties.

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    C. Gregory Peters's questions to Chubb (CB) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James inquired about the litigation challenges highlighted in a recent Wall Street Journal op-ed, its impact on casualty and general liability coverages, and the outlook for tort reform.

    Answer

    Chairman & CEO Evan Greenberg clarified that the op-ed was a public policy statement on the inflationary costs of litigation for the country, separate from Chubb's business operations. He emphasized that the insurance industry's job is to price for this hostile liability environment. The remainder of his response was interrupted by technical difficulties.

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    C. Gregory Peters's questions to RLI (RLI) leadership

    C. Gregory Peters's questions to RLI (RLI) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James inquired about the drivers of higher acquisition costs in the property and casualty segments and asked for perspective on pricing pressure by distribution channel.

    Answer

    CFO Todd Bryant attributed higher acquisition costs to commission pressure in property and surety, a business mix shift in surety, and investments in technology and people. COO Jen Klobnak added that increased reinsurance purchases also impacted the net expense ratio. Regarding pricing, Klobnak explained that pressure is product-specific, not channel-driven, highlighting increased competition from new entrants in E&S property. She noted that RLI's casualty rate changes are less dramatic than competitors' because RLI starts from a position of profitability.

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    C. Gregory Peters's questions to RLI (RLI) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James asked for details on the drivers of higher acquisition costs in the property and casualty segments and inquired about the source of pricing pressure by distribution channel.

    Answer

    CFO Todd Bryant attributed higher acquisition costs to commission pressure, a business mix shift in surety, and investments in technology and people. He also noted that strong book value growth impacts incentive plans. COO Jen Klobnak added that increased reinsurance purchases also affected the net expense ratio. Regarding pricing, she explained that competition is product-specific, particularly in E&S property from new MGAs and carriers, rather than channel-specific, and that RLI maintains its focus on rate adequacy and risk selection.

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    C. Gregory Peters's questions to RLI (RLI) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James inquired about the drivers of higher acquisition costs in the property and casualty segments, pricing pressure sources by distribution channel, and the impact of rate decreases on contingent commissions.

    Answer

    CFO Todd Bryant attributed higher acquisition costs to commission pressure in property and surety, a business mix shift in surety, and investments in technology and people. He also noted that strong book value growth impacted incentive plans across all segments. COO Jen Klobnak added that increased reinsurance purchases also contributed to the net expense ratio. Regarding pricing, she explained that pressure is product-specific, like in E&S property due to new entrants, rather than channel-specific, and that RLI focuses on rate adequacy and risk selection.

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    C. Gregory Peters's questions to MARSH & MCLENNAN COMPANIES (MMC) leadership

    C. Gregory Peters's questions to MARSH & MCLENNAN COMPANIES (MMC) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James asked about potential upward pressure on insurance pricing given recent declines and sought more detail on the organic growth drivers in Mercer's Wealth and Career segments, questioning the connection between strong AUM growth and modest revenue growth in Wealth.

    Answer

    President & CEO John Doyle explained that while most insurance lines are softening, US excess casualty pricing remains under pressure due to the challenging litigation environment. Pat Tomlinson, President & CEO of Mercer, clarified that in the Wealth segment, only the OCIO business revenue is tied to AUM, which grew strongly. He noted that the Career segment's contraction was due to a slowdown in discretionary project work in the US and Canada as clients pause on large transformation projects amid economic uncertainty.

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    C. Gregory Peters's questions to MARSH & MCLENNAN COMPANIES (MMC) leadership • Q2 2025

    Question

    C. Gregory Peters of Raymond James asked about the outlook for insurance pricing, questioning if any upward pressure exists given recent declines, and sought details on the performance of Mercer's Wealth and Career segments, specifically the disconnect between AUM growth and revenue in Wealth.

    Answer

    President & CEO John Doyle stated that while most insurance markets are softening, U.S. excess casualty pricing continues to face upward pressure due to the litigation environment. Pat Tomlinson, President & CEO of Mercer, clarified that in the Wealth segment, only OCIO revenue is tied to AUM, and recent AUM growth was boosted by acquisitions. He attributed the slowdown in the Career segment to clients pausing discretionary project work in the U.S. amid economic uncertainty.

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    C. Gregory Peters's questions to HEALTHEQUITY (HQY) leadership

    C. Gregory Peters's questions to HEALTHEQUITY (HQY) leadership • Q1 2026

    Question

    C. Gregory Peters of Raymond James asked if there has been any fallout at the enterprise level due to the elevated fraud incidents and inquired about the retention trends for enterprise customers in that context.

    Answer

    President and CEO Scott Cutler stated definitively that there has been no client fallout from the fraud situation. He added that enterprise retention rates are actually higher year-to-date, in the high 90s. He emphasized that direct communication about enhanced security measures is being received positively by clients and is helping to build trust.

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