Best of the Brokers for 05 December 2014

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LANCASHIRE HOLDINGS
Westhouse Securities reiterated its “add” rating, following reports that ex-Lancashire chief executive Richard Brindle is in talks to raise money with the aim of launching his own start-up insurer in 2015. The broker suspects the launch “will weigh on Lancashire’s share price”.

CHESNARA
Panmure Gordon reiterated its “buy” rating, and stated that the company’s acquisition of Dutch closed life insurer Waard Group was “an excellent deal”. The broker said it was strongly capitalised, in line with strategy and “can act as a base for further acquisitions”.

SAGE GROUP
Canaccord Genuity reiterated its “buy” rating on the back of the firm’s 2014 financial year results. The broker stated that it was “impressed with management’s commitment to accelerating organic growth” which it said supported Sage’s “above average multiples”.