Barclays Cuts Allied World (AWH) to Underweight; Prefers ACE, ACGL, CB & MMC

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This morning, Barclays downgraded Allied World Assurance (NYSE: AWH) from Equalweight to Underweight, a valuation call after the stock moved up 25% year-to-date.

However, analyst, Jay Gelb, still recommends ACE Ltd (NYSE: ACE)(PT $90), Arch Capital Group (Nasdaq: ACGL) and Chubb (NYSE: CB)(PT $85) and names Marsh & McLennan (NYSE: MMC) as a Top Pick among insurance brokers.

Gelb concluded by saying, "The commercial P&C insurance sector trades at roughly 1x
book value, which provides an attractive entry point."

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