Independent research on the U.S. markets, Baptista Research

Baptista Research

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. 

We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Progressive Corporation’s recent investor presentation emphasized its strong position and growth prospects within the U.S. personal auto and property insurance markets, underpinned by its strategic focus on servicing diverse customer segments.</li><li>The company highlighted its achievement as the largest U.S. personal auto writer by direct premiums and its successful penetration of lower-tier segments (Sams, Dianes, Wrights), noting that its market share in the higher-value Robinsons segment—customers bundling both auto and home insurance—is significantly lower, indicating a substantial growth opportunity.</li><li>Progressive’s auto insurance franchise benefits from its data-driven segmentation and underwriting discipline, allowing it to grow roughly twice as fast as the market over the past decade while maintaining a combined ratio seven points better than industry averages.</li></ul>

Progressive Corporation’s recent investor presentation emphasized its strong position and growth prospects within the U.S. personal auto and property insurance markets, underpinned by its strategic focus on servicing diverse customer segments.The company highlighted its achievement as the largest U.S. personal auto writer by direct premiums and its successful penetration of lower-tier segments (Sams, Dianes, Wrights), noting that its market share in the higher-value Robinsons segment—customers bundling both auto and home insurance—is significantly lower, indicating a substantial growth opportunity.Progressive’s auto insurance franchise benefits from its data-driven segmentation and underwriting discipline, allowing it to grow roughly twice as fast as the market over the past decade while maintaining a combined ratio seven points better than industry averages.

Progressive’s 82% Property Reach — Can Bundled Households Unlock The Next Growth Wave?