been a slow coach, page-5

I'm not sure why the big support for IAG is there. The expense profile hasn't changed, the capital programs have not transformed IT, outsourcing to the Philippines is still going slow, natural perils were a smidge pricey this year. So I'm not sure what is driving the price up. Perhaps people are expecting rising premiums (as we come out of a very soft corporate price market) to cover up the high expense ratio. But still SUN is four or so points more efficient on expenses.

There seems to be a bit of buzz about IAG but the fundamentals as an insurance company are the same and unchanged, really, from 8 months ago when it cost $1 less.