Rational Investing

Property Casualty Insurance

	Total Market Capitalization of All Firms	$223,342 mm
	Average Market Capitalization	$31,906 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	0.7
	Standard Deviation of MM Ratio	0.1
	Average Beta	1.0
	Average EV To Revenue	1.0
	Average EV To EBITDAM	14.8
	Average Price To Free Cash Flow	10.0

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
CS.PA	AXA Group	0.91	46,727	0.8	17.3	30	11	1.3	Dec 19
ZURN.SW	Zurich Insurance Group AG	0.88	51,090	1.1	7.3	6.1	29	0.9	Jun 19
TRV	Travelers Companies, Inc.	0.83	29,072	1.1	11.7	10.1	3	0.9	Mar 20
CB	Chubb Corp	0.70	55,723	2.0	12.2	13.0	6	0.7	Mar 20
RSA.L	Rsa Insurance Group Plc	0.70	5,255	0.9	4.1	30	1	1.1	Dec 19
ORI	Old Republic International Cor	0.66	5,005	0.8	4.5	6.9	9	0.9	Mar 20
8766	Tokio Marine Holdings Inc	0.53	30,470	0.2	12.9	7.8	1	0.9	Dec 19