< The 2016 All-Europe Research Team

Total appearances: 13

Team debut: 1992

J.P. Morgan Cazenove’s group advances from third place after three years to reclaim the No. 2 spot it held in 2011 and 2012. Overseeing the firm’s reporting on 43 European insurance names is Michael Huttner, whom one investor hails as "great at analyst meetings — he always manages to ask incisive questions in a somehow inoffensive way." Another fan of Huttner and his team hails their "broad coverage and very good calls, as well as some insightful research on Solvency II." The five researchers work out of London primarily, though one team member is based in Mumbai. They are bullish on their sector, forecasting that the same catalysts that have spurred outperformance since 2012 will continue to do so going forward. These include "strong balance sheets, as the leading insurers have received validation of their internal solvency models by the regulators," says Huttner, 54. These major players have all adopted high payout strategies, as organic growth is low, he adds, leading them to return most of their earnings to shareholders. One of the group’s top picks for 2016 is Germany-based Munich Re, the world’s largest reinsurer, which they have given a target price of €212. "Munich has the best price discipline of all the large reinsurers, is restructuring its primary insurance business to return to profit and has a policy of at least a flat dividend," Huttner explains. The stock closed at €165.46 in mid-January.