Barring a material loss in the final weeks, we expect good FY2015 results despite more challenging trading, and special dividends. The sector is proving disciplined and robust, but valuations look full to us vs. underwriting pressures/yields as M&A ‘froth’ and low losses drive the shares up. We are big fans of the sector but see an increasing downside risk if no bids materialise and more normalised losses return, hence our Neutral stance. If you want to play, look to Beazley (
23 Nov 2015
Insurance - 2015 a year of yield, M&A and limited loss
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Insurance - 2015 a year of yield, M&A and limited loss
- Published:
23 Nov 2015 -
Author:
Joanna Parsons -
Pages:
6
Barring a material loss in the final weeks, we expect good FY2015 results despite more challenging trading, and special dividends. The sector is proving disciplined and robust, but valuations look full to us vs. underwriting pressures/yields as M&A ‘froth’ and low losses drive the shares up. We are big fans of the sector but see an increasing downside risk if no bids materialise and more normalised losses return, hence our Neutral stance. If you want to play, look to Beazley (