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  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 48 slides",
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  "authorName": "Houlihan Lokey",
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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "The slide uses scatter plots to correlate profitability (ROAE) with valuation multiples (P/B).",
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      "text": "LTM Adjusted ROAE and Equity Market Value / MRQ Book Value (Excl. AOCI) Multiple",
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      "text": "CY 2022E Adjusted ROAE and Equity Market Value / MRQ Book Value (Excl. AOCI) Multiple",
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      "kind": "disclaimer",
      "text": "Note: AMSF refers to AMERISAFE, Inc., EIG refers to Employers Holdings, Inc., ARGO refers to Argo Group International Holdings, Ltd., JRVR refers to James River Group Holdings, Ltd., KNSL refers to Kinsale Capital Group, Inc., PLMR refers to Palomar Holdings, Inc., PRA refers to ProAssurance Corporation, RLI refers to RLI Corp. and WRB refers to W. R. Berkley Corporation. 1. Calculated as shareholders’ equity less book value of preferred stock and accumulated other comprehensive income; AOCI refers to Accumulated Other Comprehensive Income; Adjusted ROAE refers to Adjusted Return on Average Equity and is calculated as adjusted net income divided by average book value of equity (excluding AOCI); AOCI refers to Accumulated Other Comprehensive Income; CY refers to Calendar Year; E refers to Estimated; LTM refers to Latest 12 Months; MRQ refers to the most recently completed quarterly fiscal period for which financial information has been made public. Sources: Bloomberg, Capital IQ and public filings.",
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