Rational Investing

Property Casualty Insurance

	Total Market Capitalization of All Firms	$335,431 mm
	Average Market Capitalization	$37,270 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	0.9
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.0
	Average EV To Revenue	2.0
	Average EV To EBITDAM	19.3
	Average Price To Free Cash Flow	19.3

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
RSA.L	Rsa Insurance Group Plc	1.91	9,410	1.5	6.8	30	-2	1.4	Jun 20
CB	Chubb Corp	1.47	69,839	2.3	18.0	21.2	7	0.7	Sep 20
8766	Tokio Marine Holdings Inc	0.96	37,144	0.4	14.4	18.4	-1	1.0	Sep 20
CS.PA	AXA Group	0.96	56,720	0.9	14.8	11.7	0	1.6	Jun 20
ZURN.SW	Zurich Insurance Group AG	0.90	63,168	1.1	77.2	25.8	2	1.0	Jun 20
AIG	American International Group I	0.83	46,068	1.8	13.5	17.1	-8	1.3	Sep 20
TRV	Travelers Companies, Inc.	0.59	38,197	1.4	14.4	11.5	3	0.8	Sep 20
ORI	Old Republic International Cor	0.51	5,571	1.0	5.3	7.7	5	0.8	Sep 20
ADM.L	Admiral Group Plc	0.28	9,315	8.0	9.1	30	6	0.6	Jun 19