National Interstate CorporationNATL

Morningstar Rating

Stock Research and Analysis

by Drew Woodbury

National Interstate has stood out from many participants in the competitive insurance industry through its consistent profitability. The firm's niche focus and emphasis on putting clients first has enabled the firm to create extremely a sticky customer Read more

Bulls Say

National Interstate has demonstrated disciplined underwriting. It should be able to continue to resist the opportunity to chase top line growth at the expense of the bottom line.

National Interstate has gained expertise by specializing on a small, niche segment of the insurance market. Its large claims and underwriting data allow it to price insurance more appropriately than its less-experienced competitors.

Having employees who are responsible for every step in the insurance process creates a superior experience for the customers, making them more likely to return to National Interstate in the future. Read more

Bears Say

Over time, the company's consistently superior returns on capital will seek competition from rival carriers.

National Interstate is heavily exposed to the cyclical transportation industry. Read more

Strategy

National Interstate seeks to tailor its insurance offerings and products to the transportation industry. It has developed significant niche expertise, which allows it to both price profitable insurance Read more

Management

National Interstate's founder, Alan Spachman, passed the reigns as CEO to David Michelson at the start of 2008. Spachman, however, still maintains his role of chairman and maintains a 12% ownership stake in the company. We believe managers and directors, Read more

Profile

Since 1989, National Interstate has insured transportation risks ranging from limo services and buses to propane distributors and recreational vehicles. Independent agents Read more

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