Sign in

You're signed outSign in or to get full access.

Paul Newsom

Managing Director and Senior Research Analyst at Piper Sandler

Paul Newsome is a Managing Director and Senior Research Analyst at Piper Sandler, specializing in the insurance sector with coverage of companies such as Allstate, American International Group, Chubb, Travelers, Marsh & McLennan, and Willis Towers Watson. He has issued over 50 stock ratings in the past decade, with a success rate near 69% and an average return of approximately 14%, including a notably strong call on Palomar Holdings generating a return over 190%. Newsome began his analyst career more than 20 years ago, with prior senior roles at Sandler O’Neill + Partners, A.G. Edwards, and Lehman Brothers before joining Piper Sandler, and holds both the Chartered Financial Analyst (CFA) and Chartered Property Casualty Underwriter (CPCU) designations along with advanced degrees in mathematics, economics, and accounting. He is recognized for his highly rated insurance research and consistent outperformance among Wall Street analysts.

Paul Newsom's questions to AMERICAN FINANCIAL GROUP (AFG) leadership

Question · Q4 2025

J. Paul Newsome sought more detail on the remediation efforts in social inflation-related businesses over the past year, asking if underwriting actions were complete, if these businesses were stabilized, and if they were now positioned for growth. Newsome also questioned the alternative investment portfolio, asking about macroeconomic factors or specific portfolio characteristics that outsiders should monitor to signal a return to historical higher return levels.

Answer

Co-CEO Carl H. Lindner III indicated that corrective steps in nonprofit and excess liability businesses, including restructuring and pricing adjustments, were largely complete, noting low single-digit growth in specialty casualty in Q4 and projecting potential mid-single-digit growth for these businesses. Co-CEO S. Craig Lindner explained that approximately 50% of the alternative portfolio is in multifamily, which has experienced oversupply, but anticipates a return to a more normal environment in a couple of quarters, with favorable signs in absorption and new starts, expecting a better environment in the latter half of the year and beyond for multifamily to drive historical alternative returns. Carl H. Lindner III also clarified his earlier comment on lender-placed political exposure.

Ask follow-up questions

Fintool

Fintool can predict AMERICAN FINANCIAL GROUP logo AFG's earnings beat/miss a week before the call

Paul Newsom's questions to Arthur J. Gallagher & (AJG) leadership

Question · Q4 2025

Paul Newsom asked if Arthur J. Gallagher & Company was observing a material movement of business from admitted to non-admitted markets, similar to trends discussed by other industry participants.

Answer

Chairman and CEO J. Patrick Gallagher, Jr. and CFO Doug Howell both stated that they are not seeing a significant movement of business from admitted to non-admitted markets. Mr. Gallagher explained that in a softening property market, business that moved to the E&S markets did so for specific reasons, and there isn't a substantial shift back to primary markets at this point.

Ask follow-up questions

Fintool

Fintool can predict Arthur J. Gallagher & logo AJG's earnings beat/miss a week before the call

Question · Q4 2025

Paul Newsom with Piper Sandler asked if Arthur J. Gallagher & Company was observing any material movements from admitted to non-admitted markets within its book of business.

Answer

J. Patrick Gallagher, Jr. (Chairman and CEO) stated that they are not seeing a lot of material movements from admitted to non-admitted markets, especially in the softening property market, as the wholesale markets are doing a good job.

Ask follow-up questions

Fintool

Fintool can write a report on Arthur J. Gallagher & logo AJG's next earnings in your company's style and formatting

Paul Newsom's questions to ALLSTATE (ALL) leadership

Question · Q3 2025

Paul Newsom from Piper Sandler addressed investor concerns about competitive pricing lowering margins and Allstate's peak earnings, asking about evolving market dynamics and the trade-off between pricing and policies-in-force (PIF) growth.

Answer

CEO Tom Wilson affirmed Allstate's commitment to profitable PIF growth, emphasizing that all business is economic. He described the market as highly competitive, noting strong performance against competitors like Progressive and State Farm, and highlighted growth opportunities in homeowners, specialty lines, and non-standard auto insurance.

Ask follow-up questions

Fintool

Fintool can predict ALLSTATE logo ALL's earnings beat/miss a week before the call

Question · Q3 2025

Paul Newsom from Piper Sandler addressed investor concerns about competitive pricing lowering margins and Allstate's peak earnings, asking about evolving market dynamics and the trade-off between pricing and policies-in-force (PIF) growth.

Answer

CEO Tom Wilson affirmed Allstate's commitment to profitable PIF growth, emphasizing that all business is economic. He described the market as highly competitive, noting strong performance against competitors like Progressive and State Farm, and highlighted growth opportunities in homeowners, specialty lines, and non-standard auto insurance.

Ask follow-up questions

Fintool

Fintool can write a report on ALLSTATE logo ALL's next earnings in your company's style and formatting