Citi initiated coverage of Arthur J. Gallagher (AJG) with a Neutral rating and $317 price target. The firm rolled out coverage in North America insurance, expecting pricing and reinvestment tailwinds to ease but for earnings to remain resilient. Citi sees more opportunities for upside in the shares of underwriters relative to brokers. Its top ideas include Arch Capital (ACGL), Aspen Insurance (AHL), Brown & Brown (BRO), Chubb (CB), Ryan Specialty (RYAN) and RenaissanceRe (RNR).

Arthur J. Gallagher initiated with a Neutral at Citi

Citi has begun coverage of Arthur J. Gallagher (AJG) with a Neutral rating and a $317 price target. The firm highlights potential upside for underwriters in the North American insurance sector, citing favorable pricing and reinvestment conditions, while noting resilient earnings. Citi identifies several insurance companies as top investment ideas, including Arch Capital, Aspen Insurance, Brown & Brown, Chubb, Ryan Specialty, and RenaissanceRe.