Insurance & Reinsurance

Insurance & Reinsurance equity research

Explore the most viewed and latest equity research and media content for companies within the Insurance & Reinsurance sector. Stocks in this sector provide insurance and broker services within life insurance, full line, and reinsurance.

Insurance & Reinsurance equity research

Latest Content

BEZ HUW HSX JLT LRE NVA

The Money Bin

In the week to 27 June the FTSE All Share fell 0.6% vs. -3.0% for the Insurance Index and -1.7% for the Lloyd’s Index. The best performer was Novae (+1.3%); Hiscox (-3.3%) was the worst performer. We flag that the UK may have an ILS market regulatory structure in place by the end of 2017. It needs one to be able to quickly raise capital and not lose market share, but we worry the PRA may insist on a too slow/cumbersome structure, defeating the point. Talk of an Ogden discount rate review is encouraging for Novae and its NAV.

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28 Jun 17
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CAY BRW WHI RQIH

A few swallows

After a long run of disappointing news, it is a pleasant relief to see some encouraging statements from stockbrokers. Charles Stanley’s swing back into profit for 2016/7 followed a significant improvement in Brewin Dolphin’s interim profits and the almost predictable report that Rathbones had continued to outperform the market in their first quarter.

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23 Jun 17
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BEZ HUW HSX JLT LRE NVA

The Money Bin

In the week to 19 June the FTSE All Share rose 0.3% vs. +2.0% for the Insurance Index and +2.9% for the Lloyd’s Index. The best performer was Hiscox (+4.0%); Helios* (0%) and Novae (+1.7%) were the worst performers. We flag the growth in global cyber insurance demand. Beazley leads, writing cUS$400m of cyber premium and partnering with Munich Re. Hiscox has said it will write US$100m+ of cyber premiums in 2017. Novae’s cyber premiums totalled c£45m in 2016 (c5% of its then book) and will be one of its core classes.

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22 Jun 17
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Jardine Lloyd Thompson Group

Setting out the future stall

JLT’s FY2016 results gave hope that we are on the home run – albeit we noted we are still a few miles away. We cut FY2017/18 PBT (Norm) forecasts by 6% and moved to Neutral from Add. A recent presentation has provided us with more comfort that the corner has been turned on guidance (barring major FX moves/extraordinary events) and that the upside potential is improving as we hoped. Right now, we see the share price as up with events and stay at Neutral but maintain a watching brief. We believe in the long term potential upside.

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19 Jun 17
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BEZ HUW HSX JLT LRE NVA

The Money Bin

In the week to 13 June the FTSE All Share fell 0.1% vs. +2.6% for the Insurance Index and +1.4% for the Lloyd’s Index. The best performer was Novae (+2.4%); Helios* (0%) and then Hiscox (+1.0%) were the worst performers. This week we flag Marsh’s Global Rate Index, which shows an overall moderation in rate reductions in commercial lines, but we remain in a pricing downturn that begun in 2013. Casualty rates are holding up better (led by certain US classes) but nothing is easy, as seen by the first quarterly reduction in cyber rates.

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14 Jun 17
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Helios Underwriting

Acquisition of LLV Nottus

The group continues to deliver on its stated strategy to build a meaningful third party capital provider and has today announced a further acquisition. It has agreed to acquire the LLV Nottus No.51 Ltd for £964,500 in cash, equivalent to a c4% discount to the independent Humphrey valuation of £1.0m. The LLV has some £669k of underwriting capacity for 2017 and so this will take the group’s capacity for the 2017 YOA to £35.6m. Nottus has a portfolio of syndicates that is broadly similar to that of Helios. Buy

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09 Jun 17
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DUKE CZA HUW DEMG AMBR DX/ GHS WPHO ARS UKR

Small Cap Breakfast

Tobago. Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June. I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in Early June Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. ScotGems—Admission due 26 June. Seeking £50-£100m. To investing in a diversified portfolio of Small Cap Companies listed on global stock markets DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia . £20m primary raise plus a partial vendor sale. Film Finances—Sky News reports that ‘movie financing company with credits including the Hollywood hits La La Land and Nocturnal Animals is plotting a blockbuster premiere on the London stock market that will value it at several hundred million pounds.’ Expected ‘during the summer’. AIB—Intention to float from AIB, Ireland's leading retail and commercial bank . The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Prospectus and announcement of the price range due in mid-June 2017. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun. AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe

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09 Jun 17
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Beazley Ecsc Group

Cyber Forum – 14 June 2017

In less than 12 months, the General Data Protection Regulation (GDPR) comes into force (25 May 2018), bringing with it the potential for punitive fines for non-compliance. In one fell swoop Europe will catch up with the US in terms of cyber regulation. However, as we have been flagging for some time, UK plc, and indeed Europe plc, in many instances is unaware and ill prepared. The recent Wannacry attack was a shot across the bows. Our Cyber Forum on 14 June looks to address the issues and highlight the threats – and the opportunities. Guest speakers are from the NCSC, Beazley and ECSC*

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07 Jun 17
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BEZ HUW HSX JLT LRE NVA

The Money Bin

In the week to 6 June the FTSE All Share fell 0.3% vs. -1.9% for the Insurance Index and -0.7% for the Lloyd’s Index. The best performer was Helios* (+3.1%), then Hiscox (+0.4%); Novae (-4.5%) was again the worst performer. It’s that time of year again as the 2017 hurricane season is about to start. All the main forecasters have raised their predictions to an average+ year, yet the 1 June Florida renewals saw rates decline YoY, a worse scenario than hoped for. Too much capacity and not enough losses remain a key issue for pricing

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07 Jun 17
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BEZ HUW HSX JLT LRE NVA

The Money Bin

In the week to 30 May the FTSE All Share rose 0.5% vs. +1.7% for the Insurance Index and +1.7% for the Lloyd’s Index. The best performer was JLT (+2.4%); Novae (-3.5%) was the worst performer. We review the Q1 2017 results across the (re)insurance market. What we see is an increase in combined ratios, partly driven by Ogden but also reflecting higher claims activity, plus still low investment returns. Losses are not yet large enough to trigger a market turn, but the pain is increasing as ‘death by 1000 cuts’ starts to impact results.

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