Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HISCOX LTD. We currently have 67 research reports from 2 professional analysts.
|30Nov16 05:42||RNS||Total Voting Rights|
|14Nov16 04:38||RNS||BLOCK LISTING SIX MONTHLY RETURN|
|08Nov16 12:37||RNS||Application to be Admitted to Official List|
|07Nov16 07:01||RNS||Interim Management Statement|
|07Nov16 07:00||RNS||Syndicates 33 and 6104 - estimates|
|01Nov16 12:06||RNS||Total Voting Rights|
|20Oct16 02:26||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
The money bin - Insurance weekly
07 Dec 16
In the week to 6 December the FTSE All Share was flat vs. -0.3% for the Insurance Index and -0.4% for the Lloyd’s Index. The best performer was Lancashire (+2.7%); Hiscox (-2.5%) was the worst performer. We look at cyber insurance, which is one of the fastest growing (re)insurance lines – bringing huge opportunities but also not yet fully quantified/understood aggregation exposures. The PCI has warned that GDPR will be a “game-changer”, a positive for cyber insurers, and that fines in the UK could go up 90-fold as a result.
The Money Bin
30 Nov 16
In the week to 29 November the FTSE All Share fell 0.7% vs. -1.3% for the Insurance Index and -0.6% for the Lloyd’s Index. The best performer was Novae (+2.1%); Hiscox (-2.4%) was the worst performer. This week we look at Swiss Re’s global review for 2016 and 2017/18 outlook. We note the forecast for further rate softening but that an inflection point is close, albeit this could mean at best flat rates. As we’ve flagged, reserve strength is becoming more concerning. Underwriting profits will fall. The ROE is falling YoY but the Lloyd’s sector continues to offer investors superior returns to the sector average.
The Money Bin
23 Nov 16
In the week to 22 November the FTSE All Share rose 0.4% vs. +1.9% for the Insurance Index and +0.7% for the Lloyd’s Index. The best performer was Novae (+4.4%); Helios (0%) and Lancashire, which went XD its 61p special, (0.1%), were the worst performers. We review the aviation market as it is possible that airline rates will finally stabilise in 2017. It’s a small class today for the sector but any improvement is welcome. Of more interest is the fastgrowing cyber exposure across the aerospace market. We point investors to our latest research on this rapidly developing class, published 17 November.
Non Life Insurance
17 Nov 16
Cyber threats continue to grow. Beazley is a leading cyber insurer with its international BBR product and Novae is well-established in Lloyd’s. Hiscox is moving fast to regain lost ground. It is evident all see cyber insurance as part of their longer-term growth strategy. The downside risk for insurers from the potential catastrophe/connectivity of risk remains, but we believe they are approaching this fast evolving class with care. The growth may not be linear, but we expect cyber insurance to develop into a major class with interconnecting and varied risk/demand across many business lines.
The money bin - Insurance weekly
16 Nov 16
In the week to 15 November the FTSE All Share fell 0.5% vs. +0.3% for the Insurance Index and -1.1% for the Lloyd’s Index. The best performer was Hiscox (+0.8%); JLT was the worst performer (-3.4%). This week we review the Q3 updates from the Lloyd’s/London insurance sector. We upgraded our FY16E PBT forecasts for Beazley and Hiscox and downgraded Lancashire, JLT and Novae. We forecast a 5p special in Q4 from Beazley. FY2016 should be a pretty good year for most – 2017 will be much more challenging for insurers but hopefully JLT will (at last) start report improving returns.
Retail driving growth
11 Nov 16
Q3 results continued the trend with Retail the key GPW driver, helped by the ongoing interest in Kiskadee. Hiscox may have been late into the ILS market but has caught up fast. Higher FX gains and better investment yields continue to boost FY16 PBT and we upgrade again to £318.2m (+15%) The long term investment in Retail is evident, with more long term gains to come from the US. However, the switch in the earnings profile does have some implications for PBT/ROE and also dividends. A good business, but with a price to match.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.