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<title>UBS Research: Insurance</title>
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<description>UBS Research: Insurance</description>
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<copyright>Copyright (C) UBS 2009. All rights reserved.</copyright>
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<pubDate>Fri, 6 Nov 2009</pubDate>
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<item>
<title><![CDATA[AIG "3Q09: Capital Mkts Gains, Weak Op Trends" (Neutral) Kligerman]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82307|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>United States</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Insurance, Full-Line</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>US Insurance, Full-Line</li><br><li>Americas Insurance, Full-Line</li><br><li>Americas Financial</li><br><li>Americas Insurance</li><br><li>US Financial</li><br><li>US Insurance</li><br><li>North American Financial</li><br><li>North American Insurance, Full-Line</li><br><li>North American Insurance</li><br></ul><br><em>Companies</em><br><ul><li>AIG.N AIG</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Operating Results</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andrew Kligerman</author>
<category>AIG.N</category>
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<pubDate>Fri, 6 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[UBS FIG Overdraft (6-Nov-2009)]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82305|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>United States</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Banks</li><br><li>Global Diversified Financial</li><br><li>Global Savings &amp; Loan</li><br><li>Global Investment Services</li><br><li>Global Insurance, Life</li><br><li>Global Insurance, Property &amp; Casualty</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>Global Financial Services</li><br><li>Global Banks, Ex-S&amp;L</li><br><li>Americas Banks</li><br><li>Americas Diversified Financial</li><br><li>Americas Savings &amp; Loan</li><br><li>Americas Investment Services</li><br><li>US Banks</li><br><li>US Diversified Financial</li><br><li>US Savings &amp; Loan</li><br><li>US Investment Services</li><br><li>US Insurance, Life</li><br><li>US Insurance, Property &amp; Casualty</li><br><li>Americas Insurance, Life</li><br><li>Americas Insurance, Property &amp; Casualty</li><br><li>Americas Financial</li><br><li>Americas Insurance</li><br><li>US Financial</li><br><li>US Insurance</li><br><li>Americas Financial Services</li><br><li>US Financial Services</li><br><li>US Banks, Ex-S&amp;L</li><br><li>Americas Banks, Ex-S&amp;L</li><br><li>North American Banks, Ex-S&amp;L</li><br><li>North American Banks</li><br><li>North American Financial</li><br><li>North American Diversified Financial</li><br><li>North American Financial Services</li><br><li>North American Insurance, Life</li><br><li>North American Insurance, Property &amp; Casualty</li><br><li>North American Insurance</li><br><li>North American Savings &amp; Loan</li><br><li>North American Investment Services</li><br></ul><br>]]></description>
<author>Andrew Kligerman</author>
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<pubDate>Fri, 6 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Generali "BVPS ahead, life earnings recover slowly" (Neutral) Thiele]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69327|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Europe Including UK</li><br><li>Europe Ex. UK</li><br><li>Global</li><br><li>Italy</li><br><li>UBSW EMEA</li><br></ul><br><em>Sectors</em><br><ul><li>Italian Insurance, Full-Line</li><br><li>European Insurance, Full-Line</li><br><li>European Ex. UK Insurance, Full-Line</li><br><li>Global Insurance, Full-Line</li><br><li>European Financial</li><br><li>European Insurance</li><br><li>European Ex. UK Financial</li><br><li>European Ex. UK Insurance</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>Italian Financial</li><br><li>Italian Insurance</li><br></ul><br><em>Companies</em><br><ul><li>GASI.MI Generali</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Marc Thiele</author>
<category>GASI.MI</category>
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<pubDate>Fri, 6 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Global Insurance Daily Valuations 6-Nov-2009]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82271|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br></ul><br><em>Sectors</em><br><ul><li>Global Financial</li><br><li>Global Insurance</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andrew Kligerman</author>
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<pubDate>Fri, 6 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Munich Re "ROE pressure the key challenge " (Buy) Thiele]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69282|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Germany</li><br><li>Europe Including UK</li><br><li>Europe Ex. UK</li><br><li>Global</li><br><li>UBSW EMEA</li><br></ul><br><em>Sectors</em><br><ul><li>German Insurance, Property &amp; Casualty</li><br><li>European Insurance, Property &amp; Casualty</li><br><li>European Ex. UK Insurance, Property &amp; Casualty</li><br><li>Global Insurance, Property &amp; Casualty</li><br><li>German Financial</li><br><li>German Insurance</li><br><li>European Financial</li><br><li>European Insurance</li><br><li>European Ex. UK Financial</li><br><li>European Ex. UK Insurance</li><br><li>Global Financial</li><br><li>Global Insurance</li><br></ul><br><em>Companies</em><br><ul><li>MUVGn.DE Munich Re</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Marc Thiele</author>
<category>MUVGn.DE</category>
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<pubDate>Fri, 6 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Old Mutual "Q3 interim management statement" (Neutral) Christelis]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq01202|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Europe Including UK</li><br><li>United Kingdom</li><br><li>Global</li><br><li>UBSW EMEA</li><br></ul><br><em>Sectors</em><br><ul><li>British Insurance, Life</li><br><li>European Insurance, Life</li><br><li>Global Insurance, Life</li><br><li>European Financial</li><br><li>European Insurance</li><br><li>British Financial</li><br><li>British Insurance</li><br><li>Global Financial</li><br><li>Global Insurance</li><br></ul><br><em>Companies</em><br><ul><li>OML.L Old Mutual</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Michael Christelis, FIA, CFA</author>
<category>OML.L</category>
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<pubDate>Fri, 6 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Old Mutual ZA "Q3 interim management statement" (Neutral) Christelis]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq01203|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>South Africa</li><br><li>EMEA Emerging</li><br><li>UBSW EMEA</li><br><li>Emerging Markets</li><br></ul><br><em>Sectors</em><br><ul><li>South African Insurance, Life</li><br><li>EMEA Emerging Insurance, Life</li><br><li>Global Insurance, Life</li><br><li>EMEA Emerging Financial</li><br><li>EMEA Emerging Insurance</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>South African Financial</li><br><li>South African Insurance</li><br><li>Global Emerging Financial</li><br><li>Global Emerging Insurance, Life</li><br><li>Global Emerging Insurance</li><br></ul><br><em>Companies</em><br><ul><li>OMLJ.J Old Mutual ZA</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Michael Christelis, FIA, CFA</author>
<category>OMLJ.J</category>
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<pubDate>Fri, 6 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Validus Holdings "3Q09 Results: Key Takeaways" (Buy) Meredith]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82231|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>United States</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Insurance, Property &amp; Casualty</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>US Insurance, Property &amp; Casualty</li><br><li>Americas Insurance, Property &amp; Casualty</li><br><li>Americas Financial</li><br><li>Americas Insurance</li><br><li>US Financial</li><br><li>US Insurance</li><br><li>North American Financial</li><br><li>North American Insurance, Property &amp; Casualty</li><br><li>North American Insurance</li><br></ul><br><em>Companies</em><br><ul><li>VR.N Validus Holdings</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Operating Results</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Brian Meredith</author>
<category>VR.N</category>
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<pubDate>Fri, 6 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[First Read: Manulife Financial "Net Losses in 3Q09" (Neutral) Kligerman]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82205|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>Canada</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Insurance, Life</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>Canadian Insurance, Life</li><br><li>Americas Insurance, Life</li><br><li>Americas Financial</li><br><li>Americas Insurance</li><br><li>Canadian Financial</li><br><li>Canadian Insurance</li><br><li>North American Financial</li><br><li>North American Insurance, Life</li><br><li>North American Insurance</li><br></ul><br><em>Companies</em><br><ul><li>MFC.TO Manulife Financial</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Operating Results</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andrew Kligerman</author>
<category>MFC.TO</category>
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<pubDate>Thu, 5 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Zurich Financial "To buy or not to buy growth" (Buy) Thiele]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69245|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Switzerland</li><br><li>Europe Including UK</li><br><li>Europe Ex. UK</li><br><li>Global</li><br><li>UBSW EMEA</li><br></ul><br><em>Sectors</em><br><ul><li>Swiss Insurance, Full-Line</li><br><li>European Insurance, Full-Line</li><br><li>European Ex. UK Insurance, Full-Line</li><br><li>Global Insurance, Full-Line</li><br><li>Swiss Financial</li><br><li>Swiss Insurance</li><br><li>European Financial</li><br><li>European Insurance</li><br><li>European Ex. UK Financial</li><br><li>European Ex. UK Insurance</li><br><li>Global Financial</li><br><li>Global Insurance</li><br></ul><br><em>Companies</em><br><ul><li>ZURN.VX Zurich Financial</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Marc Thiele</author>
<category>ZURN.VX</category>
<guid isPermaLink="false">http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69245|native|public|20091105154914</guid>
<pubDate>Thu, 5 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Global Insurance Daily Valuations 5-Nov-2009]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82157|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br></ul><br><em>Sectors</em><br><ul><li>Global Financial</li><br><li>Global Insurance</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andrew Kligerman</author>
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<pubDate>Thu, 5 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[First Read: Old Mutual "Q3 interim management statement" (Neutral) Christelis]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq01200|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Europe Including UK</li><br><li>United Kingdom</li><br><li>Global</li><br><li>UBSW EMEA</li><br></ul><br><em>Sectors</em><br><ul><li>British Insurance, Life</li><br><li>European Insurance, Life</li><br><li>Global Insurance, Life</li><br><li>European Financial</li><br><li>European Insurance</li><br><li>British Financial</li><br><li>British Insurance</li><br><li>Global Financial</li><br><li>Global Insurance</li><br></ul><br><em>Companies</em><br><ul><li>OML.L Old Mutual</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Michael Christelis, FIA, CFA</author>
<category>OML.L</category>
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<pubDate>Thu, 5 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Conseco Inc. "Initial Take on Decent 3Q09 Results" (Neutral) Kligerman]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82137|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>United States</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Insurance, Life</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>US Insurance, Life</li><br><li>Americas Insurance, Life</li><br><li>Americas Financial</li><br><li>Americas Insurance</li><br><li>US Financial</li><br><li>US Insurance</li><br><li>North American Financial</li><br><li>North American Insurance, Life</li><br><li>North American Insurance</li><br></ul><br><em>Companies</em><br><ul><li>CNO.N Conseco Inc.</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Operating Results</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andrew Kligerman</author>
<category>CNO.N</category>
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<pubDate>Thu, 5 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Prudential Financial "PRU Posts Solid 3Q09 Results" (Buy) Kligerman]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82147|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>United States</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Insurance, Life</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>US Insurance, Life</li><br><li>Americas Insurance, Life</li><br><li>Americas Financial</li><br><li>Americas Insurance</li><br><li>US Financial</li><br><li>US Insurance</li><br><li>North American Financial</li><br><li>North American Insurance, Life</li><br><li>North American Insurance</li><br></ul><br><em>Companies</em><br><ul><li>PRU.N Prudential Financial</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Operating Results</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andrew Kligerman</author>
<category>PRU.N</category>
<guid isPermaLink="false">http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82147|native|public|20091105051034</guid>
<pubDate>Thu, 5 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Protective Life "Sizable Operating EPS Miss in 3Q09" (Neutral) Kligerman]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82142|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>United States</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Insurance, Life</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>US Insurance, Life</li><br><li>Americas Insurance, Life</li><br><li>Americas Financial</li><br><li>Americas Insurance</li><br><li>US Financial</li><br><li>US Insurance</li><br><li>North American Financial</li><br><li>North American Insurance, Life</li><br><li>North American Insurance</li><br></ul><br><em>Companies</em><br><ul><li>PL.N Protective Life</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Operating Results</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andrew Kligerman</author>
<category>PL.N</category>
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<pubDate>Thu, 5 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[Allstate Corp. "3Q09 Results: Key Takeaways" (Neutral) Meredith]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82120|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>United States</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Insurance, Property &amp; Casualty</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>US Insurance, Property &amp; Casualty</li><br><li>Americas Insurance, Property &amp; Casualty</li><br><li>Americas Financial</li><br><li>Americas Insurance</li><br><li>US Financial</li><br><li>US Insurance</li><br><li>North American Financial</li><br><li>North American Insurance, Property &amp; Casualty</li><br><li>North American Insurance</li><br></ul><br><em>Companies</em><br><ul><li>ALL.N Allstate Corp.</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Brian Meredith</author>
<category>ALL.N</category>
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<pubDate>Thu, 5 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[T&D Holdings "Capital increase set amid regulatory reform" (Buy) Fujiki]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew17755|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Asia Pacific</li><br><li>Japan</li><br></ul><br><em>Sectors</em><br><ul><li>Global Insurance, Life</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>Japanese Insurance, Life</li><br><li>Japanese Financial</li><br><li>Japanese Insurance</li><br></ul><br><em>Companies</em><br><ul><li>8795.T T&amp;D Holdings</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Aya Fujiki</author>
<category>8795.T</category>
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<pubDate>Wed, 4 Nov 2009</pubDate>
</item>
<item>
<title><![CDATA[First Read: Marsh & McLennan "Earnings Beat but Revenues Miss" (Buy) Meredith]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82074|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>United States</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Insurance, Property &amp; Casualty</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>US Insurance, Property &amp; Casualty</li><br><li>Americas Insurance, Property &amp; Casualty</li><br><li>Americas Financial</li><br><li>Americas Insurance</li><br><li>US Financial</li><br><li>US Insurance</li><br><li>North American Financial</li><br><li>North American Insurance, Property &amp; Casualty</li><br><li>North American Insurance</li><br></ul><br><em>Companies</em><br><ul><li>MMC.N Marsh &amp; McLennan</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Brian Meredith</author>
<category>MMC.N</category>
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<pubDate>Wed, 4 Nov 2009</pubDate>
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<title><![CDATA[Global Insurance Daily Valuations 4-Nov-2009]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82055|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br></ul><br><em>Sectors</em><br><ul><li>Global Financial</li><br><li>Global Insurance</li><br></ul><br><em>Subjects</em><br><ul><li>Industry Overview</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andrew Kligerman</author>
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<pubDate>Wed, 4 Nov 2009</pubDate>
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<title><![CDATA[Ameriprise "Brief Recap of 2009 Investor Conference" (Buy) Kligerman]]></title>
<link>http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82046|native|public</link>
<description><![CDATA[This document is related to the following:<br><em>Regions</em><br><ul><li>Global</li><br><li>Americas</li><br><li>United States</li><br><li>North America</li><br></ul><br><em>Sectors</em><br><ul><li>Global Insurance, Life</li><br><li>Global Financial</li><br><li>Global Insurance</li><br><li>US Insurance, Life</li><br><li>Americas Insurance, Life</li><br><li>Americas Financial</li><br><li>Americas Insurance</li><br><li>US Financial</li><br><li>US Insurance</li><br><li>North American Financial</li><br><li>North American Insurance, Life</li><br><li>North American Insurance</li><br></ul><br><em>Companies</em><br><ul><li>AMP.N Ameriprise</li><br></ul><br><em>Subjects</em><br><ul><li>Company Update</li><br><li>Morning Note</li><br></ul>]]></description>
<author>Andrew Kligerman</author>
<category>AMP.N</category>
<guid isPermaLink="false">http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82046|native|public|20091104071700</guid>
<pubDate>Wed, 4 Nov 2009</pubDate>
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