Turning to more modern times we have Hiscox (LSE:HSX), an international commercial insurer focused primarily on risks that most other insurers are unable or unwilling to under-write, such as fine art, wedding cars, kidnap and ransom coverage, and racehorses.
Notably, our research shows that Hiscox typically maintains the largest market share within these specialty lines, which over time has allowed the company to develop a highly detailed understanding of their performance. Though no longer led by a Hiscox--either founding partner Ralph Hiscox or his son Robert stood atop the company's org chart from 1946 to 2013-- Substantial insider ownership suggests the interests of company management and directors should continue to dovetail with those of shareholders.
From First Eagle Investment (Trades, Portfolio)'s September 2019 commentary, International Equity: Selectivity in a Vast and Varied Market.
This article first appeared on GuruFocus.
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