Brian Shea, Blair Stewart & team, BofA Merrill Lynch Global Research

The buy side says: “The team really understands clients’ needs.”

Repeating in first place is the six-strong BofA Merrill Lynch Global Research squad co-­captained by Brian Shea, 46, and Blair ­Stewart, 39. Five of the group’s members, including Shea, are based in London; Stewart works out of ­Edinburgh. The analysts cover 32 companies, one more than last year at this time. “Many insurers offer an attractive dividend yield, which is backed up by strong free cash flow,” ­Stewart says. The team sees selective growth opportunities, particularly for those companies that do business in emerging markets and for nonlife insurers. “We do, however, recognize that uncertainty in the wider macroeconomic environment is likely to remain a drag on sentiment, keeping valuations below what we regard as fair,” adds Shea. “As long as uncertainty prevails, valuations will remain cheap — so to avoid value traps, investors should focus on the stronger operating stories in the sector,” such as U.K.-based Prudential and Austria’s Vienna ­Insurance Group. Stewart wins praise from one money manager for his “in-depth understanding of actuarial and other technical factors, as well as the key drivers of the profitability of insurance companies,” while another buy-side enthusiast insists that Shea is “the most objective fundamental analyst for European insurance stocks. He and his team offer timely, comprehensive and reliable analysis.”