Though the EPS came in below expectations in Q3 due to a weaker financial result, GJF delivered another record underwriting result in the last quarter with CEO Leiro Baastad at the helm. As such it was a fitting finish to an impressive track record of value creation. Our estimates come up 2-3% due to lifting expectations for the commercial segment, but overall we continue to see a neutral risk/reward at these levels and reiterate our Hold rec.
