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    Gregory Peters

    Senior Equity Research Analyst at Raymond James

    Gregory Peters is a Senior Equity Research Analyst at Raymond James, specializing in insurance sector coverage with a focus on major publicly traded insurers. He provides research and analysis on companies such as The Hartford, offering investment recommendations and performance insights to institutional clients. With a background in equity research and a tenure at Raymond James that has made him a recognized figure among industry analysts, Peters has contributed to shaping investment strategies in the financial services space. He holds professional securities licenses and maintains active registration with FINRA, underlining his credentials and roles as a trusted analyst.

    Gregory Peters's questions to TRAVELERS COMPANIES (TRV) leadership

    Gregory Peters's questions to TRAVELERS COMPANIES (TRV) leadership • Q2 2025

    Question

    Gregory Peters of Raymond James inquired about the pricing environment in Business Insurance, specifically asking if the pricing pressure seen in large national property accounts could impact the middle market and select businesses. He also asked about the expected impact on premium production and policy growth from relaxing restrictions in Personal Lines by the end of the year.

    Answer

    Greg Tislowski, President of Business Insurance, clarified that the softer pricing was in large national property accounts and would have minimal leakage into the top end of the middle market. CEO Alan Schnitzer added that pricing in other lines remains strong. Michael Klein, President of Personal Insurance, explained that relaxing property restrictions reflects progress in profitability and is expected to support auto production, with most actions completed by year-end 2025.

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    Gregory Peters's questions to TRAVELERS COMPANIES (TRV) leadership • Q2 2025

    Question

    Gregory Peters asked about Business Insurance pricing, questioning if price competition from the large national account property market could affect middle market and select business. He also inquired about the impact of relaxing restrictions in Personal Lines on future premium and policy growth.

    Answer

    Greg Tislowski, President of Business Insurance, clarified that any pricing pressure was in National Property and would have minimal impact on the middle market. Alan Schnitzer, Chairman and CEO, reinforced the overall strength of the market. Michael Klein, President of Personal Insurance, stated that relaxing property restrictions reflects progress on profitability and is expected to support auto growth, with most actions completed by year-end 2025.

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    Gregory Peters's questions to TRAVELERS COMPANIES (TRV) leadership • Q2 2025

    Question

    Gregory Peters asked about Business Insurance pricing, specifically the potential for price competition from the subscription market to affect middle market and select accounts. He also inquired about the expected impact of relaxing restrictions in Personal Lines on premium and policy growth by year-end.

    Answer

    Greg Tislowski, President of Business Insurance, clarified that softer pricing is confined to large national property accounts with minimal leakage into the middle market. CEO Alan Schnitzer added that overall pricing remains strong and high retention indicates a stable market. Michael Klein, President of Personal Insurance, explained that relaxing property restrictions reflects progress in profitability and will help drive growth in the auto segment, with most actions expected to be complete by the end of 2025.

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

    Gregory Peters's questions to PROGRESSIVE CORP/OH/ (PGR) leadership • Q1 2025

    Question

    Gregory Peters asked for perspective on investment income growth, new money yields, and asset allocation. He also questioned the continued use of the Snapshot dongle, asking how many people still use it compared to mobile apps.

    Answer

    Chief Investment Officer Jonathan Bauer explained that the investment strategy is focused on long-term total return to drive ROE, not a specific book yield. The portfolio began the year conservatively but is positioned to act on opportunities. Regarding Snapshot, CEO Susan Griffith and Personal Lines President Patrick Callahan clarified that while the majority of new UBI customers opt for the mobile app, the dongle is still used and provides valuable vehicle data for refining models. UBI adoption continues to be a key differentiator.

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    Gregory Peters's questions to PROGRESSIVE CORP/OH/ (PGR) leadership • Q3 2024

    Question

    Gregory Peters asked about changes to agent compensation to drive profitable growth and how Progressive manages staffing and technology amidst its rapid expansion.

    Answer

    Executive Patrick Callahan described a commission structure that rewards agents for both volume and quality. CEO Susan Griffith explained that staffing success comes from hiring in advance of need. She also highlighted the long-standing use of AI and chatbots to improve efficiency and allow employees to handle complex issues.

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

    Gregory Peters's questions to Skyward Specialty Insurance Group (SKWD) leadership • Q1 2025

    Question

    Gregory Peters of Raymond James asked for more texture on the quality of the strong submission growth, particularly in E&S. He also inquired about the size of the government-related surety business and the company's strategic approach to the program business market.

    Answer

    CEO Andrew Robinson characterized the E&S submission flow as high-quality but facing more competition, and highlighted a 19% increase in surety bid bonds and a 59% rise in A&H RFPs as strong leading indicators. He sized the federal contractor surety book at roughly $20 million. For programs, Robinson reiterated the 'Rule our niche' strategy, which involves partnering with specialized MGAs, ensuring alignment through ownership stakes, requiring robust data exchange, and critically, retaining claims handling in-house whenever possible.

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    Gregory Peters's questions to Skyward Specialty Insurance Group (SKWD) leadership • Q3 2024

    Question

    Gregory Peters asked for the outlook on top-line growth in light of pricing pressures and the new share repurchase program, sought context on strong submission growth, and later inquired about the company's approach to the delegated underwriting (MGA) market.

    Answer

    CEO Andrew Robinson clarified the share repurchase is a tool for opportunistic buybacks when the stock is undervalued, not a signal of weak growth prospects, and affirmed a strong growth outlook. He attributed robust submission growth to underwriter efficiency, new talent, and strong E&S market flow. Regarding the MGA market, he described it as 'frothy' and stated Skyward is highly selective, partnering only with top-tier MGAs in strategic niches to 'Rule our Niche'.

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    Gregory Peters's questions to ALLSTATE (ALL) leadership

    Gregory Peters's questions to ALLSTATE (ALL) leadership • Q1 2025

    Question

    Gregory Peters asked about the long-term objective for the adjusted expense ratio and its relation to advertising spend. He also inquired about the impact of potential subrogation on Q1's large catastrophe loss and sought details on the updated reinsurance program.

    Answer

    Thomas Wilson (executive) explained the goal is to continuously lower the expense ratio through digitization, with no specific numerical target. On catastrophes, Mario Rizzo (executive) confirmed they would pursue any potential subrogation recoveries. Jesse Merten (executive) detailed that the reinsurance limit was increased by $1.5 billion to reflect the growing homeowners business, with the placement going well and risk-adjusted costs expected to be down.

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    Gregory Peters's questions to ALLSTATE (ALL) leadership • Q4 2024

    Question

    Gregory Peters asked for an update on Allstate's competitive pricing position in auto insurance and whether proactive retention efforts would lead to changes in agent compensation. He also questioned the sustainability of the high 26.8% ROE and future targets.

    Answer

    CEO Thomas Wilson stated that there are no plans to change agent compensation, as it is already heavily tied to renewals, making branded agents ideal for retention efforts. Executive Mario Rizzo added that strong new business trends indicate competitive pricing. Regarding ROE, Wilson explained that the previous 14-17% target is outdated due to structural changes and a different interest rate environment. He emphasized that the current strategic priority is driving shareholder value through growth, particularly in auto policies, rather than setting a new ROE target.

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

    Gregory Peters's questions to EVEREST GROUP (EG) leadership • Q1 2025

    Question

    Gregory Peters sought to reconcile Everest's commentary on 'moderate pricing pressure' in property cat with market reports of significant rate reductions, and asked about the potential for subrogation recoveries from the California wildfire.

    Answer

    CEO Jim Williamson explained that while property cat rates are softening, they are coming off historically high levels, and expected returns remain excellent and well above the company's threshold for deploying capital. Regarding the wildfire, he stated that while subrogation recoveries could benefit Everest over time, the company is taking no credit for them in current financials due to the lengthy process involved.

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    Gregory Peters's questions to RLI (RLI) leadership

    Gregory Peters's questions to RLI (RLI) leadership • Q1 2025

    Question

    Gregory Peters of Raymond James inquired about the drivers of downward rate pressure in the earthquake market, whether reinsurance costs were declining commensurately, and sought more specific details on opportunities within the inland marine market.

    Answer

    COO Jenni Klobnak attributed earthquake rate pressure to a long period without major losses, causing insureds to retain more risk and creating a competitive environment. She noted that while RLI's reinsurance costs are slightly lower due to reduced exposure, it's not directly tied to primary rate declines. For inland marine, she cited growth drivers as an expanded local underwriting team, a healthy construction market, and a willingness to underwrite unique risks, which has increased submissions.

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    Gregory Peters's questions to RLI (RLI) leadership • Q4 2024

    Question

    Gregory Peters of Raymond James questioned the significant rate increases in personal umbrella, asking if it implied prior pricing was inadequate and if RLI was changing its limit profile. He also asked about limit profile changes in transportation and the methodology behind determining the special dividend.

    Answer

    COO Jen Klobnak stated that limit profiles for both personal umbrella and transportation remain unchanged, with a primary focus on $1 million limits. President and CEO Craig Kliethermes added that rate increases can reflect market opportunity, not just inadequacy, and noted the challenge of getting timely rate approvals in certain states. Regarding the special dividend, he explained it's based on a Q3 evaluation of capital adequacy against A.M. Best benchmarks, internal metrics, and growth opportunities, not a fixed formula.

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    Gregory Peters's questions to RLI (RLI) leadership • Q3 2024

    Question

    Gregory Peters asked for detailed color on the specific sub-segments driving growth in RLI's construction and transportation books, and requested concrete examples of technology investments that are enabling profitable growth.

    Answer

    COO Jen Klobnak provided a detailed breakdown, explaining their construction portfolio focuses on general contractors in E&S and subcontractors in admitted lines. For transportation, she detailed their focus on trucking, public transport, and specialty commercial auto, plus newer investments in moving and storage. Klobnak then gave examples of technology investments, including streamlining the application process for personal umbrella and contractors, and automating policy issuance in the marine division to free up underwriter time.

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    Gregory Peters's questions to PROASSURANCE (PRA) leadership

    Gregory Peters's questions to PROASSURANCE (PRA) leadership • Q4 2024

    Question

    Gregory Peters requested more detail on the higher expense ratio in the Specialty P&C segment, asking if the full-year 2024 level is a new normalized run rate. He also asked about any changes in agent relationships and for the latest risk-based capital (RBC) ratio.

    Answer

    Edward Rand, President and CEO, stated there were no material changes in agent relationships, though consolidation continues to put pressure on commissions. Dana Hendricks, Chief Financial Officer, explained the higher 2024 expense ratio was driven by a significant year-over-year swing in incentive compensation costs, as 2023 achievement was very low. She noted the ratio will likely remain pressured due to the focus on risk selection impacting the earned premium base. The executives did not have the specific RBC ratio on hand but confirmed it had improved year-over-year.

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    Gregory Peters's questions to PROASSURANCE (PRA) leadership • Q4 2024

    Question

    Gregory Peters requested more detail on the higher expense ratio in the Specialty P&C segment, asking if the 2024 level represents a new normalized run rate. He also asked for an update on agent relationships and the company's RBC ratio.

    Answer

    CFO Dana Hendricks explained that the full-year expense ratio was up due to several factors, most notably a nearly 2-point impact from higher incentive compensation in 2024 compared to very low achievement in 2023. She indicated the ratio will remain pressured as the focus on risk selection impacts earned premium. President and CEO Edward Rand added that there have been no material changes in agent relationships. Management confirmed RBC ratios improved year-over-year but did not have the specific figures available on the call.

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    Gregory Peters's questions to PROASSURANCE (PRA) leadership • Q2 2024

    Question

    Gregory Peters inquired about the competitive landscape for Medical Professional Liability (MPL), changes in attorney representation rates, and the reasons for the divergence between ProAssurance's Workers' Comp results and those of its peers.

    Answer

    Edward Rand, President and CEO, stated that no new entrants are making a significant impact in the MPL space and that there have been no material changes in attorney involvement. Regarding Workers' Comp, he explained that ProAssurance's shorter-tail book and faster claim closures result in less opportunity for favorable reserve development but also less risk. He suggested ProAssurance may be recognizing and reacting to medical cost inflation faster than its peers.

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

    Gregory Peters's questions to CINCINNATI FINANCIAL (CINF) leadership • Q4 2024

    Question

    Gregory Peters of Raymond James questioned the gross loss estimate for the California wildfires, the potential for increased rate activity in the California homeowners market, and whether the commercial lines pricing cycle is peaking.

    Answer

    President and CEO Steve Spray declined to provide a gross loss number for the active catastrophe, sticking to the net range of $450M-$525M. He noted that 77% of their California homeowner premiums are non-admitted and a post-event review will determine any strategy changes. On pricing, Mr. Spray stated that commercial lines rates are still in the high single-digits and emphasized that policy-by-policy underwriting continues to drive profitable growth.

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    Gregory Peters's questions to CINCINNATI FINANCIAL (CINF) leadership • Q3 2024

    Question

    Gregory Peters asked for perspective on the 'new business penalty' given the 'generational opportunities' in personal lines, how the business profile has changed with growth, and the company's strategy for new agency appointments in 2025.

    Answer

    President and CEO Steve Spray stated he doesn't believe in a 'new business penalty,' citing confidence in prospective pricing. He explained the personal lines book has evolved with significant growth in high-net-worth clients, providing diversification. He confirmed plans to continue expanding agency distribution at a clip similar to recent years, focusing on professional, aligned agents.

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    Gregory Peters's questions to WILLIS TOWERS WATSON (WTW) leadership

    Gregory Peters's questions to WILLIS TOWERS WATSON (WTW) leadership • Q4 2024

    Question

    Asked for details on the moving pieces affecting free cash flow in 2025, an update on the long-term 16% conversion ratio target, and clarification on where foreign exchange and reinsurance JV headwinds would appear in the financial statements, including any seasonality.

    Answer

    The company is focused on improving free cash flow margin. The 2024 normalized free cash flow margin was around 18.4%. For 2025, they expect continued expansion despite headwinds from residual transformation costs (approx. $90M) and cash taxes on the Willis Re earnout (up to $90M). The reinsurance JV headwind will be reported below the operating margin line. The primary FX exposures are to the sterling, euro, and Canadian dollar, with an expected $0.08 headwind in Q1 out of $0.18 for the full year.

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

    Gregory Peters's questions to Arthur J. Gallagher & (AJG) leadership • Q4 2024

    Question

    Gregory Peters from Raymond James asked for perspective on how the California wildfires might impact Gallagher's operations, including its RPS wholesale business. He also questioned the cause of lower contingent commissions in the quarter and the outlook for their recovery.

    Answer

    CEO J. Gallagher stated that the company is actively managing hundreds of claims from the wildfires and, as a major player in California, expects to be very busy for months. CFO Douglas Howell addressed the contingent commissions, explaining the shortfall was not a trend but a ~$7 million blip caused by slightly higher year-end loss ratio estimates from carriers and poor results on three specific contracts in Canada. He expects contingents to bounce back.

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    Gregory Peters's questions to Chubb (CB) leadership

    Gregory Peters's questions to Chubb (CB) leadership • Q4 2024

    Question

    Gregory Peters asked for a big-picture perspective on the growth drivers for the Life Insurance business in 2025 and for commentary on the P&C market cycle, competition, and Chubb's positioning.

    Answer

    Chairman and CEO Evan G. Greenberg projected continued double-digit income growth for the Life Insurance business, driven by margin expansion and growth in Asia. He described the P&C cycle as being in a sustained inflationary period, with competition rising in large accounts and financial lines. However, he noted that over 80% of Chubb's business, particularly middle market and consumer lines, has favorable growth opportunities due to secular shifts.

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    Gregory Peters's questions to Chubb (CB) leadership • Q3 2024

    Question

    Gregory Peters of Raymond James asked for clarification on why Life Insurance income growth wasn't tracking as high as premium growth and inquired about any changes to the company's capital management strategy.

    Answer

    CFO Peter Enns explained that international life income growth was indeed tracking closely with premium growth and that year-over-year comparisons for the combined business were affected by a non-recurring item in the prior year. Chairman and CEO Evan G. Greenberg added that the capital management approach is 'steady as she goes,' balancing healthy capital returns with retention for growth opportunities.

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    Gregory Peters's questions to EverQuote (EVER) leadership

    Gregory Peters's questions to EverQuote (EVER) leadership • Q3 2024

    Question

    Gregory Peters asked for technical details on the new bidding technology and agent platform, including integration with existing systems. He also questioned the company's plans for its growing cash balance.

    Answer

    CEO Jayme Mendal described the new platforms as simplifying tech to improve scale and feature velocity, noting the AI-powered bidding and new agent platform. He clarified that while they integrate with some agency management systems, their platform is primarily for referral delivery, setting the stage for future features. CFO Joseph Sanborn stated that cash is not needed for organic growth and the company is considering M&A to accelerate its P&C-focused strategy, especially given the challenging funding environment for private insurtechs.

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

    Gregory Peters's questions to BROWN & BROWN (BRO) leadership • Q3 2024

    Question

    Gregory Peters asked for more detail on the variables affecting the Retail segment's Q3 organic growth and inquired about the impact of deferred tax payments on the company's free cash flow conversion rate for 2024 and 2025.

    Answer

    J. Powell Brown, an executive, stated that one quarter does not make a trend and the company feels good about its Retail business. R. Watts, an executive, explained that the 2024 free cash flow conversion ratio guidance is raised to 24-26% due to deferred tax payments related to recent hurricanes. He confirmed these payments are due in Q2 2025, which will subsequently lower the 2025 conversion rate.

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

    Gregory Peters's questions to OLD REPUBLIC INTERNATIONAL (ORI) leadership • Q3 2024

    Question

    Gregory Peters of Raymond James asked for clarification on Old Republic's capital management plans, specifically share repurchase expectations for the remainder of 2024 and into 2025. He also inquired about the growth drivers for the E&S business, the context behind the 2% favorable reserve development target, and whether the $25 million charge in financial lines was a one-time event. In a follow-up, he questioned the moving parts within the warranty segment and sought an outlook for the Title Insurance business and its associated expense ratio.

    Answer

    CFO Francis Sodaro detailed the recent share repurchase activity, noting $165 million in Q3 and $385 million remaining on the authorization. Executive Craig Smiddy added that the pace of buybacks is valuation-dependent and the current authorization could be exhausted by year-end or early 2025. Smiddy explained that E&S premium growth is primarily driven by the Old Republic E&S operation. He clarified the 2% favorable development is a long-term goal reflecting a conservative philosophy, not a hard target. Regarding the warranty segment, Smiddy noted that strong growth in auto warranty is offsetting declines in home warranty, which is tied to the slower real estate market. Carolyn Monroe, President and CEO of Title Insurance, stated that while title orders are slowly increasing, a significant market recovery is not expected until late 2025 or 2026, and the expense ratio remains pressured by upfront costs and technology investments.

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