Jefferies upgrades Generali as multi-year transformation nears completionJefferies has upgraded Generali’s stock from hold to buy and raised its price target by almost 30 percent, noting that the Italian insurer is nearing the end of a multi-year transformation programme to cut debt and lift earnings.
Progressive sees auto PIF growth accelerate to 14.8% in August and UW improveUS personal lines giant Progressive reported operating earnings per share of $1.45 for August that were well ahead of the $1.00 forecast of KBW analyst Meyer Shields as it also revealed personal auto policies in force growth accelerated from 12.0 percent in July to 14.8 percent.
US-listed reinsurance stocks slide following RVS despite positive sentimentShares in US-listed reinsurers have traded down following the Monte Carlo Rendez-Vous, with Fidelis and Hamilton leading the losses since last Friday.
Understanding when listing can be a help or a hindranceICMR’s Markus Gesmann and Quentin Moore examine why new (re)insurance IPOs remain scarce.
The Lloyd’s paradox: Stronger than ever, yet undervaluedBen Canagaretna, managing director of Acrisure Re Corporate Advisory & Solutions, examines the path ahead for Lloyd’s businesses.
US insurance composite fell 2.4% last week as S&P 500 recorded its worst weekly performance in 18 monthsThe North American insurance composite, compiled by investment banks Stonybrook Capital and Weild & Co still beat all major Wall Street indices on the week to Friday and is 24.9 percent up on a year-to-date basis.
Hiscox upgraded to buy on “strong fundamentals” and FTSE 100 prospectPanmure Liberum has raised its share price target for Hiscox by almost 12 percent and upgraded the stock from hold to buy on the back of what analysts described as the carrier’s “improving fundamentals” and the possibility of a return to the FTSE 100.
Hannover Re and Heritage lead gains in Europe and US as P&C stocks outperform in AugustDespite a turbulent start to the month, insurance stocks surged in August as global equities rebounded on easing fears of slowing economic growth and anticipation of an interest rate cut cycle by the US Federal Reserve beginning in September.
Berkshire Hathaway becomes first US non-tech company to pass $1trn market cap milestoneBerkshire Hathaway yesterday became the first non-technology company in the US to achieve a $1trn market capitalisation, following a 28 percent increase in its share price in 2024 to date.
Hiscox tipped for FTSE 100 re-entry in upcoming reshuffleLloyd’s (re)insurer Hiscox is knocking on the door of the UK’s blue-chip FTSE 100 benchmark, a move which could provide a fillip for the stock, according to Hargreaves Lansdown’s Susannah Streeter.
US insurance composite up 1.9% after late rally amid Fed interest rate commentsThe North American insurance composite, compiled by investment banks Stonybrook Capital and Weild & Co, was up 1.9 percent last week and remains in record territory with all but two of the 11 industry groups tracked by the index up during the period.
US insurance composite rises 3.1% amid rebound in global equityThe North American insurance composite compiled by investment banks Stonybrook Capital and Weild & Co finished in record territory on Friday after all 11 industry groups recovered during the week.
Fidelis shares bounce back from early sell-off after earnings miss on SCS and IP lossesShares in Fidelis Insurance Holdings closed the day around where they started after the stock recovered early losses as investors initially reacted negatively to a cat- and large losses-driven earnings miss last night that included a hit from its exited intellectual property book.
Admiral share price surge +7% after £309.8mn H1 profit before taxAdmiral’s share price surged by more than 7 percent in early morning trading after it reported group profit before tax for H1 2024 that grew by 32 percent year on year to £309.8mn, beating analyst expectations.
Allstate share price rises 5% on $2bn employer voluntary benefits saleInvestors have welcomed Allstate agreeing a $2bn sale of its employer voluntary benefits business to StanCorp Financial Group, which management said will allow it to deploy capital to increase market share in personal property-liability.
US insurance composite ends flat after roller-coaster weekThe North American insurance composite, compiled by investment banks Stonybrook Capital and Weild & Co, closed out the week 0.2 percent higher amid the most volatile week for markets in 2024.
Beazley surges to new highs on strong H1 and analyst optimismThe share price of Lloyd’s largest insurer Beazley reached an all-time high on Friday as investors continued to react to the blue-chip’s record H1 performance and equity analysts upgraded the carrier, flagging bullish future growth prospects.
Hippo shares up 28% while Root’s drop 20% as investors digest Q2 resultsHomeowners-focused insurtech Hippo’s shares surged by nearly 28 percent on Thursday as investors reacted to it narrowing its Q2 adjusted Ebitda loss to $25mn, while shares in auto insurtech Root fell by 20 percent despite reporting another operating profit.
Beazley share price leaps ~13% following big H1 beat and FY24 CR upliftThe share price of Lloyd’s largest insurer surged 13 percent in early trading on Thursday after the carrier posted an H1 combined ratio of 81 percent and profit ~70 percent above consensus estimates at $728.9mn.
P&C stocks poised to cut back losses today as Japanese market reboundsJapan’s Nikkei 225 index in Tokyo recovers from yesterday’s slump with 10.2 percent rise overnight, with shares of Tokio Marine, Sompo, and MS&AD all posting double-digit gains.