Stocks
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P&C buybacks have continued to decline, but large authorizations keep companies flexible.
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Shares had fallen over 20% since Monday.
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James River is suing Flemming Intermediate while a potential sale of the company is ongoing.
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The InsurTech’s shares gained over 50% in value on Thursday.
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SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.
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The company will hold its Q4 earnings call on Friday February 16.
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Commercial carrier earnings continue to show mixed prior-year development.
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Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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On Wednesday, the insurer reported 12% growth in net written premiums.
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The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.
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Leading the decline was AJ Gallagher, with a 7.5% drop as of mid-afternoon, after having traded down over 8% earlier in the day.