Risk / Insurance
Mr. Bault leads the global Insurance practice at SSR. He has over 20 years of combined experience in the insurance industry and equity research. Most recently, Mr. Bault served 10 years at Sanford C. Bernstein, where he was rated the #1 US Non-Life Insurance analyst for the years 2004-2008 by Institutional Investor. As an equity analyst, Mr. Bault pursued an in-depth, realistic, and unbiased portrayal of the complex industry of insurance. As a Fellow of the Casualty Actuarial Society since 1994, he incorporated the rigor of loss reserve analysis, price monitoring, and loss trend forecasting into actionable equity research.
Before joining Bernstein, Mr. Bault was Senior Vice President and Chief Actuary for Stamford-based Odyssey Re during the years 1998-99. He started his career in 1988 with a 10-year stint at The St. Paul Companies, now part of Travelers. At St. Paul he served in many roles, including time in the London reinsurance market assisting St. Paul in acquiring some of the first Lloyd’s corporate capital vehicles, and culminating as an Officer in St. Paul’s Strategic Planning & Corporate Development unit. Mr. Bault has a BA in Mathematics and BFA in Music Composition from SUNY at Buffalo, and an MS in Applied Mathematics from Michigan State University.
Coverage Universe
In order to understand dynamics at the sector, subsector and firm level, we monitor relative valuation and share price performance throughout insurance. By tracking firms relative to their (cap-weighted) subsectors; subsectors relative to the insurance sector; and the insurance sector relative to the broader market we are able to highlight high and low outliers, track variability in relative performance and steer our analytic agenda to the most investable opportunities. The full review capturing data at the company level is available here and by e-mailing Hinds@sector-sovereign.com or calling (203) 901-1632.
Recent Blog Posts
March 19, 2012: Goldman Sachs in Insurance: The Best of All Possible Worlds
And now for something completely different…about Goldman Sachs, that is. Goldman is looking to get into the insurance business in a much bigger way. It has always been there, particularly in the area of insurance securitization, which is the bundling of insurance risk into securities that can be traded. The best known of these are the so-called catastrophe bonds, which insurers and reinsurers issue to further diversify their exposure to catastrophic property risks…. See more at our Insurance blog
Research Archive
Registered clients can access the full-text of Todd Bault’s published research here.
Recent work includes:
Progressive Strengthening Reserves, But Auto May Not Be Ready for Pricing Turn
Non-Life Reserve Analysis: Now This Pricing Cycle Makes Some Sense!
The Insurance Industry’s Growth Issue
Risk & Insurance: SSR’s Comprehensive View
Personal Auto Game Change: The Future May Not Be the Past
Bipolar on the P&C Pricing Cycle
Life Insurance in 2012: Jumping a Big ROE Hurdle
P&C Pricing Expectations: Backing Off Reinsurance, Play It Through Specialty
Insurance in 2012: It’s (Still) About the Risk
A Portfolio Manager’s Guide to Global Risk Management
Audio Archive
New content coming soon