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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.

U.S. P&C Insurance: 3Q18 Earnings Recap

Sector Analysis: 19 Nov 2018, 10:15 PM ET - We provide a recap of U.S. P&C Insurer third quarter earnings reports and highlight certain trends and topics that emerged.

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.

Global Insurance Rendez-Vous: The New Norm

Global Insurance Rendez-Vous: 20 Sep 2018, 11:35 PM ET - As $144 bn of nat cat losses failed to trigger a hard market, we see a breakdown in the historic link between prices and nat cat losses caused by the abundance of capital. Rates are expected to remain stable at the January 2019 renewals.

Presentation Slides: U.S. P&C Insurance 2018

Presentation Slides: 11 Jul 2018, 5:04 AM ET - In this note, we provide an adapted version of our standard P&C Insurance sector presentation. We offer a downloadable copy of the presentation, as well. 

Global Insurance Rendez-Vous: Picks & Pans

Global Insurance Rendez-Vous: 28 Jun 2018, 10:54 PM ET - We mark the middle of 2018 with our top picks and pans in our global insurance coverage universe. We highlight a pick and pan in the Life, Non-Life/Composite, and reinsurance sectors.

P&C Insurance: Cyber Market Continues to Grow

Sector Analysis: 12 Jun 2018, 9:56 PM ET - In this note we review the cyber insurance market, which has been hailed as one of the few real growth opportunities in the P&C insurance marketplace.

P&C Insurance: Hurricane Season 2018 Primer

Sector Analysis: 03 Jun 2018, 10:11 PM ET - The Hurricane season has officially started and lasts through Nov 30. We discuss which insurers are most vulnerable to hurricane losses, look at insurer exposure in specific geographies, and offer a downloadable Excel/PDF “cheat sheet."

U.S. P&C Insurance: CSU Hurricane Predictions

Worth Watching: 31 May 2018, 11:05 AM ET - U.S. P&C Insurance: Researchers at Colorado State University now anticipate that the 2018 Atlantic hurricane season will have average activity, a downgrade from slightly above-average activity in their projection earlier in the year. As per the ..

Global Insurance Rendez-Vous: P&C Combined Ratio

Global Insurance Rendez-Vous: 29 May 2018, 9:34 PM ET - In this note, we discuss underwriting trends amongst Non-Life insurers and highlight select names with an interesting story like AIG, CB, TLX, and RSA, amongst others.

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, ..

U.S. P&C Insurance: E&S Outperforms Again

Sector Analysis: 19 Apr 2018, 5:03 AM ET - E&S writers may be targets for M&A activity given above average margins in this challenging period for P&C insurers. Although some insurers may temporarily sideline M&A given the catastrophe losses in 2017.

U.S. P&C Insurance: Investment Portfolio Analysis

Sector Analysis: 18 Apr 2018, 4:46 AM ET - In this note we review the investment portfolios of P&C insurers in our U.S. coverage universe. Using GAAP and statutory data, we examine trends in yields, asset allocation, credit quality, duration, and other topics.

Global Insurance Rendez-Vous: M&A is Back

Global Insurance Rendez-Vous: 26 Mar 2018, 10:37 PM ET - M&A activity has recently picked up, especially with deals involving a European insurer with Solvency II as the impetus. In the United States, we’ve seen insurers divest in order to focus on core lines of business.

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.

US Insurance: Feb Conf Commentary Takeaways (1/2)

Sector Analysis: 15 Feb 2018, 4:47 AM ET - We highlight notable commentary from management teams of American International Group (AIG), Allstate (ALL), XL Catlin (XL), and Hartford Financial (HIG). Topics included M&A, the premium rate environment, and auto loss trends.

U.S. P&C Ins: May See Higher Near-Term Volatility

Sector Analysis: 12 Sep 2017, 5:40 AM ET - Insurers breathed a sigh of relief as Hurricane Irma shifted westwards. We caution that we are still in the peak of hurricane season and that the P&C sector may see above average volatility with the formation of any new hurricanes.

US Insurance: How Might a 1-in-100 Hurricane Look

Sector Analysis: 08 Sep 2017, 8:51 AM ET - We look at what a hypothetical 1-in-100 year hurricane in Florida could look like. Based on a hypothetical analysis, insurers could face ~$72 bn in total losses. We do not mean to suggest that Irma will certainly be such an event.

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