JP Morgan starts Allied World and Validus at overweight

JP Morgan North America Equity Research has initiated coverage on
Bermudian (re)insurers Allied World and Validus Holdings with
overweight ratings, it said in an analyst note published today (28
June).
Validus' below-average valuation at 1.0x book value was
attractive given its expected above-average return on equity (RoE)
of 10 percent, analysts Sarah DeWitt and Keith Cornelius said.
The investment bank set a share price target of $55 for the
Bermudian carrier, a 20.9 percent upside to the 27 J