Watchtheeyes, think your observations are spot on.........My...

Watchtheeyes, think your observations are spot on.........My opinion only, if you review AUB history and its growth, its fair to assume that all its growth has come from acquistions, with little organic growth by the individual businesses. The acquisitions in their traditional insurance broking business has virtually come to a standstill and guess what, same old story the underlying growth, or lack of it of each business begin to surface. Will be very interesting how they actually spark their owner driver model into action, particularly if they're less inclined to grow their business.

Again the other segments of their business which seem to be achieving growth, have benefited through acquisition. eg Underwriting Agencies, so some runway as income hits their P and L for the first time. However the underwriting businesses are in commercial insurance too, therefore an interesting observation is that this business should also be suffering from commercial premium reductions, in fact moreso. Its just a matter of time before we see growth on decline in this segment if further acquisitions are not made. This could be a dangerous spiral.

SF will face similar if not the exact issues AUB will be challenged with from here on in. SDF are just in honeymoon mode. Once the income has a full 12 months in the P and L, we will then understand whether these business have any collective growth runway.