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QBE: 2019 Reinsurance Cuts Nat Cat Exposure

Worth Watching: 13 Dec 2018, 2:05 PM ET - QBE disclosed details around its 2019 reinsurance programme and provided a brief update around the status of its restructuring program. Building upon earlier comments at a conference (see QBE: Comments from Australasian Conference), QBE finally ..

QBE: Comments from Australasian Conference

Company Analysis: 12 Nov 2018, 8:54 PM ET - We summarise management comments and key 3Q18 data points shared by QBE at a recent conference. We view the continuous rate momentum positively and welcome disclosure that YTD nat cat claims remain within allowance. 

Aus Insurers: Lenders’ Mortgage Insurance Primer

Sector Analysis: 17 Sep 2018, 9:09 PM ET - We look at Lenders’ Mortgage Insurance, focusing on the two largest players in Australia namely QBE and Genworth.  Although house price growth continue to moderate, we see limited risk to LMI insurers thanks to benign economic conditions. 
Focused

IAG: FY18 Capital Management Next

Worth Watching: 15 Aug 2018, 1:18 PM ET - IAG  disclosed an impressive set of FY18 results backed by the strength of its underwriting profitability. Insurance profits jumped 10.9% to A$1,408 mn following a stellar combined ratio of 84.7% for FY18. The 2.6 pp improvement YoY in the comb ..

July 2018 Company Coverage Initiated

Company Coverage Initiated: 31 Jul 2018, 9:38 PM ET - Our monthly report provides executive summaries for the eight companies on which we launched coverage in North America, Asia and Europe during the month of July.
Focused

IAG: Setting the Underwriting Standard

Company Spotlight: 09 Jul 2018, 8:07 PM ET - We initiate coverage of IAG at Market perform. We like IAG for the strength of its underwriting profitability (average combined ratio of c.90%) despite its weaker balance sheet which is offset by its comprehensive reinsurance programme. 

Asia-Pac Financials Relative Value: April 2018

Asia Relative Value / Fin Movers: 10 Apr 2018, 2:51 AM ET - We summarize our relative value views for Asia Pacific Financials for April 2018.

Asia-Pac Financials Relative Value: March 2018

Asia Relative Value / Fin Movers: 06 Mar 2018, 8:04 PM ET - We summarize our relative value views for Asia Pacific Financials for March 2018.

Asia-Pac Financials Relative Value: February 2018

Asia Relative Value / Fin Movers: 08 Feb 2018, 1:48 AM ET - We summarize our fundamental and relative value views for Asia Pacific Financials for February 2018.

QBE: S&P Lowers Outlook to Stable

Worth Watching: 01 Feb 2018, 9:26 AM ET - QBE saw its outlook from S&P for the group and its core entities lowered to Stable from Positive. In doing so, S&P also reaffirmed the ICR for QBE group at A- and the A+ ICR and financial strength ratings for its core operating entities. Accord ..

QBE: Coupon Risk Still Limited Post Profit Warning

Worth Watching: 30 Jan 2018, 11:54 AM ET - QBE recently released a profit warning in which it announced that it would incur a loss after tax of $1.2 bn (see QBE: Back to the Drawing Board). This followed the impairment of its goodwill and deferred tax assets related to its North American ..

QBE: Initiate at Market perform

Company Spotlight: 21 Jan 2018, 3:20 PM ET - We initiate coverage on QBE with a Market perform recommendation. We see capital optimisation as the biggest obstacle to QBE’s credit profile as we fear management will now look to improve profitability through the return of capital.

QBE: Issuing Gender Equality USD Additional Tier 1

IG Note: 06 Nov 2017, 2:27 PM ET - In a move to tap the demand for ethical investments, QBE is currently marketing a gender equality  USD Additional Tier 1 bond. Investors should not overlook the fact that QBE is expecting a 3Q17 pre-tax hit of around $600 mn from nat cats.

Asia FinMovers: Will China Sov Pull Banks Tight?

Asia Relative Value / Fin Movers: 05 Sep 2017, 9:20 PM ET - We discuss (i) whether tight pricing on a new China sovereign issue could pull Chinese policy and commercial banks tighter, (ii) HK banks B3 vs B2 Tier 2 bonds, (iii) other RV ideas, (iv) August returns and spread moves on Asian financials.

FinMovers Asia: ECB Action Drives Spreads Lower

Asia Relative Value / Fin Movers: 02 Mar 2015, 2:25 AM ET - Spreads tightened across Asian bank senior in February. We look at results from Japan's non-life insurers and provide a round-up of banking and financial market developments in Asia-Pacific. 

Euro Reinsurers' Exposures to Australian Floods

Sector Analysis: 12 Jan 2011, 9:19 PM ET - We analyse the potential consequences of the floods in Australia for Munich Re, Swiss Re, Hannover Re and Scor. We believe that it is probably too early to quantify the exact exposures. We anticipate that Munich Re is the most exposed.

Euro Financial Movers: Earnings Eclipse Sovereigns

Euro Financial Movers: 21 Feb 2010, 8:24 PM ET - With no new developments on southern European sovereigns, bank and insurance earnings took centre stage and received a mostly positive response from the market.

Euro Financial Movers: Capital Rules

Euro Financial Movers: 20 Dec 2009, 8:16 PM ET - It was all about capital again last week, as the markets downgraded banks perceived as needing more capital, just as the Basel Committee published recommendations that will raise capital requirements further.

Euro Financial Movers: Hybrids D-Day

Euro Financial Movers: 23 Aug 2009, 8:50 PM ET - Encouraging signs of recovery in the banking sector were overshadowed by continuing concerns over interest deferral on hybrid securities

Euro Financial Movers: Recovery Deferred

Euro Financial Movers: 16 Aug 2009, 7:06 PM ET - A quieter, if still reasonably positive, week on the equity markets, but bond investors continue to worry about enforced interest deferrals

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