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Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

Axa: 9M18 Mixed Activity Indicators

Earnings Note: 06 Nov 2018, 10:08 PM ET - Axa released mixed activity indicators for the first nine months of 2018. XL was acquired on 12 September 2018 but will be fully consolidated from 1 October 2018. Nat cat claims are relatively minor at group level.

U.S. P&C Insurance: Hurricane Michael

Sector Analysis: 10 Oct 2018, 4:35 AM ET - Hurricane Michael may end up being a Category 4 storm before it ultimately makes landfall in the Florida panhandle region. We discuss which insurers are most at-risk of losses, and offer a downloadable Excel file to accompany the note.

Insurance: Top 25 Reinsurers 2017

Worth Watching: 29 May 2018, 3:31 PM ET - Insurance: Based on data compiled by S&P Global Market Intelligence, Munich Re remained as the largest reinsurer in 2017 as measured by reinsurance premiums written/assumed. The company reported $35.7 bn of reinsurance premiums written in 2017, ..

AXA: Pricing the IPO of Axa Equitable. Cut to U/P

Worth Watching: 10 May 2018, 4:06 AM ET - AXA announced the pricing of the IPO of Axa Equitable this morning. The pricing is set at $20 per share versus a $24 to $27 target range. Axa will list 24.5% of Axa Equitable representing $2,745 mn. In addition, and in combination with the IPO, ..

Axa: Acquires XL for $15.3 bn. Risk Neutral

Company Analysis: 05 Mar 2018, 5:03 AM ET - This morning, Axa announced the acquisition of XL for a total consideration of $15.3 bn due to be completed by year-end 2018 (3Q, possibly 4Q) subject to regulatory approvals. At Axa level, we view the transaction as risk neutral.

Global Ins Rendez-Vous: Picks and Pans

Global Insurance Rendez-Vous: 30 May 2017, 9:10 PM ET - We take a closer look at our top global insurance picks and pans. In the life sector our pick is Unum and Aegon is our pan. In  P&C AIG is our pick and NN Group is our pan. In the reinsurance XL is our pick and Swiss Re is our pan.

‘AA’ Tax-Exempt Bonds with Yields of 5+%

Municipals Analysis: 26 Apr 2017, 10:50 PM ET - The Puerto Rico debt crisis has created a situation in which it is possible to obtain tax-exempt bonds yielding ~5% which are insured and carry an ‘AA-‘ or better rating. We discuss the situation, the insurers, and notable bonds to watch.

Global Insurance Rendez-Vous: Depressing Renewals

Global Insurance Rendez-Vous: 22 Feb 2017, 6:02 AM ET - Although there was evidence of a slow down in price reductions at the 1 January 2017 renewal season, we do not anticipate a dramatic change in the prolonged soft P&C reinsurance market. A sharp rise in claims could change this. 

U.S. Insurance M&A: Deal Drivers and Outlook

Sector Analysis: 15 Jun 2016, 11:01 PM ET - In this report we review recent deal activity in the insurance industry, examine the key drivers of M&A , look at why we think current market conditions remain ripe for continued consolidation, and look at some specific names.

U.S Insurance: Puerto Rico Investment Holdings

Worth Watching: 13 Jun 2016, 5:19 PM ET - U.S Insurance: According to data compiled by A.M. Best, the life insurance industry holds 51.8% of total industry investments in Puerto Rico. These investments include municipal bonds, mortgages, real estate, and BA assets. The P&C industry hol ..

Global Insurance Rendez-Vous: Relative Value 05/16

Global Insurance Rendez-Vous: 24 May 2016, 8:28 PM ET - In this note we provide a brief recap of developments in the Life, Composite/P&C, and Reinsurance sectors as well as highlight our top picks and pans.

US Insurance Monitor: Rates, Energy, DOL, and SIFI

Sector Analysis: 09 Mar 2016, 6:00 AM ET - In this periodic series we will monitor insurance sector and individual name performance. February performance was negatively impacted by interest rates, energy fears, proposed DOL rules, and moves by MetLife to escape its SIFI designation.

Reinsurance: Alternative Capital More Than 12%

Worth Watching: 07 Jan 2016, 8:11 PM ET

U.S. P&C Insurance: 2016 Outlook

Sector Outlook: 22 Dec 2015, 6:22 AM ET - We are maintaining our Market perform recommendation on the primary P&C sector. Industry headwinds include a declining pricing environment, increased M&A risk, and the continued impact of a persistently low interest rate environment.
Focused

MRH: Discontinuing Coverage Following Acquisition

Worth Watching: 19 Nov 2015, 10:03 PM ET

U.S. P&C Ins: CAT Bond Issuance Off Record Pace

Worth Watching: 13 Oct 2015, 8:15 PM ET

U.S. Reinsurance: S&P Forecasts 5% Premium Decline

Worth Watching: 08 Sep 2015, 9:16 PM ET

U.S. Reinsurance: S&P Cautious on Equity Exposure

Worth Watching: 26 Aug 2015, 6:06 PM ET

Global Insurance Rendez-Vous: M&A Update

Global Insurance Rendez-Vous: 24 Aug 2015, 11:23 PM ET - In the United States, 2015 can be described as the year of the mega-deal whereas activity in Europe is more muted. In this note, we discuss factors acting as headwinds and tailwinds across sectors.

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