Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BEAZLEY PLC. We currently have 11 research reports from 1 professional analysts.
|30Mar17 12:18||RNS||Beazley plc Employee Benefit Trust|
|29Mar17 11:13||RNS||Employee Benefit Trust|
|27Mar17 10:36||RNS||Beazley plc Employee Benefit Trust|
|24Mar17 16:52||RNS||Beazley plc - 2017 Annual General Meeting Results|
|20Mar17 12:43||RNS||Beazley plc Employee Benefit Trust|
|15Mar17 09:24||RNS||Block Listing Application|
|14Mar17 17:29||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
The Money Bin
29 Mar 17
In the week to 28 March the FTSE All Share fell 0.4% vs. -0.4% for the Insurance Index and -0.3% for the Lloyd’s Index. The best performer was JLT (+1.4%); Lancashire (-4.0%) was the worst performer. Swiss Re’s report on the Top 15 cities exposed to loss from volcanic activity/ash fall includes Naples, Tokyo and Reykjavik - but even the first world economies are heavily underinsured for this risk. This protection gap presents an opportunity for (re)insurers, alongside quake, but we suspect a large loss is needed to trigger demand.
The Money Bin - Insurance weekly
22 Mar 17
In the week to 21 March the FTSE All Share rose 0.3% vs. 1.1% for the Insurance Index and 1.3% for the Lloyd’s Index. The best performer was Hiscox (+2.6%); Novae (-1.0%) was the worst performer. The recent KPMG survey supports our view, flagged in our January Sector report, that M&A activity will rise as companies search for revenue, diversification, cost control mechanisms and respond to ‘disruptive’ technologies against a backdrop of lower margins. We reiterate our view that Novae must look more vulnerable post FY16 results.
Wave goodbye to 2016, say hello 2017
21 Mar 17
For all bar Novae, 2016 was a good/great year but investors should note the fillips to returns from FX and Brexit, as gains for Hiscox and Novae drove PTP materially higher and improved investment yields benefitted all. Hiscox reported the highest ROE in 2016 at 20.1% but we consider Beazley’s ROE to be the most attractive and robust. It also has had the most stable combined ratio. However, we generally remain cautious on the near-term trading pressures vs. current share prices. Novae has to be a potential M&A target.
15 Mar 17
In the week to 14 March the FTSE All Share rose 0.3% vs. 2.1% for the Insurance Index and 0.7% for the Lloyd’s Index. The best performer was Beazley (+2.2%); Hiscox (-0.6%) was the worst performer. We end our analysis of the combined ratios for the sector by looking at Novae’s ratio for 2010-2016. Its average combined ratio is 94.4% (95.5% post the Ogden rate move). Novae has a higher average claims ratio but lower expense ratio than its peers. The stated focus on “invest classes” should improve the combined ratio over time.
The Money Bin - Insurance weekly
08 Mar 17
In the week to 7 March the FTSE All Share rose 1.0% vs. -1.4% for the Insurance Index and +1.5% for the Lloyd’s Index. The best performer was JLT (+7.5%); Beazley (-1.5%) was the worst performer. We take a quick look at ‘insurtech’ and what it really means for (re)insurers. Margin compression is belatedly focusing attention on overdue efficiency gains; change hasto – and will – come (which means more IT spend) but doesn’t mean that disruptors will sweep away existing players, particularly at the more specialist end of the market.
01 Mar 17
In the week to 28 February the FTSE All Share fell 0.2% vs. -0.9% for the Insurance Index and -0.3% for the Lloyd’s Index. The shock discount rate move to -0.75% hurt several insurers, including Novae. The best performer was Helios (+1.8%) and Beazley (+1.3%); Novae (-6.9%) was the worst performer. We review Hiscox’s combined ratio from 2010-2016, which averages out at an attractive 89.8% (91.3% excluding FX - particularly material in 2016). A focus on Retail is likely to result in a higher, but more stable combined ratio.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.