Stocks
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The broker’s opening price on Friday was $272.10 per share, versus Thursday’s closing price of $306.
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Earlier today, the carrier reported that its Q1 combined ratio came in at 88.8%, down from last Q1’s 90.6%.
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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.
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Earlier this morning, SiriusPoint announced it had been informed that major shareholder CMIH had been taken into private receivership by lenders in Singapore.
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The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.
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The latest short interest data shows continued pessimism on InsurTechs and Florida insurers.
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James River’s stock price plummeted more than 30% on Thursday, after the firm sustained downgrades from equity analysts over concerns around the insurer’s E&S casualty reserves.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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As of 14:00 ET, the broker’s stock stood at $232.24 per share, 11.9% higher than the previous close of $207.74.
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The carrier has suffered five quarters of losses, largely spurred on by hefty natural catastrophe losses.
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Inside P&C’s news team runs you through the key highlights of the week.
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Shifting economic winds make growth plays more attractive, causing insurer stock performance to lag though short interest remains flat.
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The investor’s stake in WTW is now valued at roughly $120mn, while its position the prior quarter was worth around $423mn, according to its Q1 13-F filed with the SEC.
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Inside P&C’s news team runs you through the key highlights of the week.
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Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.
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CinFin lead the outperformers, while Aon and The Hartford's shares dropped sharply.
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Personal lines underperform predictions, while brokers and InsurTechs are a positive surprise (for now).
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After pricing below the expected range at its IPO, the Fidelis stock price slipped on the first day of trading - here's how other (re)insurance IPOs have gone since 2000.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Fidelis shares closed down from the $14 per share price set for the IPO, or a 0.8x multiple of its $17.19 book value per share at end of Q1 2023.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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This would be a premium to Root’s closing price on Tuesday of $6.02 per share, which gives the company a market value just north of $80mn, significantly below its peak of roughly $7.5bn.
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Inside P&C’s news team runs you through the key highlights of the week.
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InsurTechs are still the most heavily shorted among P&C names, though they likely have been beneficiaries of a short squeeze for most of 2023.