Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Hanover Insurance Group / Equity Bottom-Up

<ul><li>The Hanover Insurance Group reported strong second quarter results demonstrating resilience and disciplined execution across its diversified insurance portfolio.</li><li>The company delivered an operating return on equity of approximately 20% and operating earnings of $5.31 per diluted share.</li><li>Net written premiums grew 4.6%, with growth led by core commercial and specialty segments, while personal lines maintained strong margins and showed positive business momentum.</li></ul>

The Hanover Insurance Group reported strong second quarter results demonstrating resilience and disciplined execution across its diversified insurance portfolio.The company delivered an operating return on equity of approximately 20% and operating earnings of $5.31 per diluted share.Net written premiums grew 4.6%, with growth led by core commercial and specialty segments, while personal lines maintained strong margins and showed positive business momentum.

Hanover Insurance Group’s 91.2% Combined Ratio Signals A Stronger Underwriting Model!

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,400+ insights shared on Smartkarma.</li>
<li>In this cut, we look at where value remains in a difficult year for luxury, review momentum in offshore services, and assess two sides of the insurance sector. </li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,400+ insights shared on Smartkarma.
In this cut, we look at where value remains in a difficult year for luxury, review momentum in offshore services, and assess two sides of the insurance sector. 
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Luxury Losing Lustre, Offshore Revived & Insurance's Two Sides

<ul><li>Hanover Insurance Group reported a strong start to 2026 with a record first quarter performance characterized by an operating return on equity of 20.3% and operating earnings per share of $5.25.</li><li>The company improved its all-in combined ratio by nearly 2.5 points to 91.7%, achieving first quarter records both including and excluding catastrophe losses.</li><li>This improvement was driven by disciplined pricing, favorable underwriting actions, and favorable development on prior year catastrophe losses, attributed in part to enhanced terms and conditions and risk mitigation efforts such as increased policy deductibles.</li></ul>

Hanover Insurance Group reported a strong start to 2026 with a record first quarter performance characterized by an operating return on equity of 20.3% and operating earnings per share of $5.25.The company improved its all-in combined ratio by nearly 2.5 points to 91.7%, achieving first quarter records both including and excluding catastrophe losses.This improvement was driven by disciplined pricing, favorable underwriting actions, and favorable development on prior year catastrophe losses, attributed in part to enhanced terms and conditions and risk mitigation efforts such as increased policy deductibles.

Hanover Insurance Group’s Personal Lines Edge: Can 83.8% Survive Competition?

<ul><li>The Hanover Insurance Group reported strong financial and operational results for the fourth quarter and full year 2025, reflecting disciplined execution across its diverse insurance segments.</li><li>The company achieved record quarterly operating earnings per share and an all-time high operating return on equity of 20% for the full year, supported by favorable weather conditions and robust underlying profitability.</li><li>The combined ratio for 2025 improved by over three points year-over-year to 91.6%, with a 2025 catastrophe loss load well below expectations at 4.5 points, contributing to improved overall underwriting results.</li></ul>

The Hanover Insurance Group reported strong financial and operational results for the fourth quarter and full year 2025, reflecting disciplined execution across its diverse insurance segments.The company achieved record quarterly operating earnings per share and an all-time high operating return on equity of 20% for the full year, supported by favorable weather conditions and robust underlying profitability.The combined ratio for 2025 improved by over three points year-over-year to 91.6%, with a 2025 catastrophe loss load well below expectations at 4.5 points, contributing to improved overall underwriting results.

Hanover Insurance Group Is Expanding in Specialty Lines—But How Durable Are High-80s Combined Ratios?

<ul><li>The Hanover Insurance Group (Hanover) presented strong results in its most recent financial quarter, reflecting resilience and strategic positioning in a complex market environment.</li><li>The company reported an operating return on equity exceeding 21%, bolstered by robust net investment income, a solid ex-catastrophe performance, and a quieter-than-anticipated catastrophe quarter.</li><li>This performance highlights Hanover's effective strategy and disciplined execution amidst the different dynamics of the property and casualty (P&C) segments.</li></ul>

The Hanover Insurance Group (Hanover) presented strong results in its most recent financial quarter, reflecting resilience and strategic positioning in a complex market environment.The company reported an operating return on equity exceeding 21%, bolstered by robust net investment income, a solid ex-catastrophe performance, and a quieter-than-anticipated catastrophe quarter.This performance highlights Hanover's effective strategy and disciplined execution amidst the different dynamics of the property and casualty (P&C) segments.

Hannover Insurance (THG): Specialty Insurance Push Is Delivering Double-Digit Momentum — Why Marine & Healthcare May Be the Real Edge!

United States

Hanover Insurance Group Inc operates as a holding company. The Company, through its subsidiaries, offers property and casualty insurance products including personal lines, commercial lines and other property casualty through independent agents.

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Hanover Insurance Group (THG US)

Hanover Insurance Group’s 91.2% Combined Ratio Signals A Stronger Underwriting Model!

The Hanover Insurance Group reported strong second quarter results demonstrating resilience and disciplined execution across its diversified...

Baptista Research

Curator's Cut: Luxury Losing Lustre, Offshore Revived & Insurance's Two Sides

In this Curator's Cut, we survey luxury's retreat, revisit offshore services, and assess differing drivers in insurance from policy headwinds to...

Pranav Rao

Hanover Insurance Group’s Personal Lines Edge: Can 83.8% Survive Competition?

Hanover Insurance Group reported a strong start to 2026 with a record first quarter performance characterized by an operating return on equity of...

Baptista Research

Hanover Insurance Group Is Expanding in Specialty Lines—But How Durable Are High-80s Combined Ratios?

The Hanover Insurance Group reported strong financial and operational results for the fourth quarter and full year 2025, reflecting disciplined...

Baptista Research

Hannover Insurance (THG): Specialty Insurance Push Is Delivering Double-Digit Momentum — Why Marine & Healthcare May Be the Real Edge!

The Hanover Insurance Group (Hanover) presented strong results in its most recent financial quarter, reflecting resilience and strategic...

Baptista Research

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