Stocks
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Pressure on Root cools following stock price dips, but persistent short interest in InsurTechs suggests that prices haven’t bottomed out yet.
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Stock analysts raise price targets on Willis shares after execs outline financial goals following the collapse of the Aon-Willis merger.
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Shares in the InsurTech are up 38% since further detailing losses from Winter Storm Uri and PCS cat events last Thursday.
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The surge likely reflects talk in the buy-side community fuelled by tracking the latter's private jet.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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Reinsurers, commercial and specialty carriers stocks edge down after Hurricane Ida, in line with dip in S&P Insurance Index.
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Pressure on the InsurTechs – specifically Root and Lemonade – is intensifying.
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InsurTech short interest dwarfs legacy insurers as they come under pressure to produce profits.
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InsurTech stocks fall in Thursday trading following Lemonade Q2 results.
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The wholesale broker’s shares were up by about 8% on the day in the early afternoon, changing hands at $27.81 a share.
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Progressive fell 3.2%, after the company indicated in its June earnings update that net income per share had dropped 56% in Q2.
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Changes in short interest were muted despite large stock moves, including big rises at HCI and Lemonade.
