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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. 

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.
Focused

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. 

Society of Lloyd’s: Forecast Loss Estimates Rise

Worth Watching: 21 Aug 2018, 5:21 PM ET - Society of Lloyd’s provided updated syndicate forecasts for its 2016 and 2017 years of account (YOA) as of 30 June 2018. These forecasts essentially offer an indication of potential development of loss estimates on a YOA basis and are normally ..
Focused

QBE: 1H18 Progress on Rate and Risk

Earnings Note: 16 Aug 2018, 9:02 PM ET - QBE’s 1H18 results revealed steady progress around its simplification program and a surprisingly strong level of rate increases across its portfolio. Its credit profile remains fragile in our view heading into the US windstorm season. 

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 ..
Focused

QBE: Tenders For 2022 Senior Notes

Worth Watching: 13 Jun 2018, 11:26 AM ET - QBE announced another tender offer this morning, this time focusing on its 3% $300 mn USD senior bonds maturing in 2022. In March, QBE had tendered for its 3% $300 mn USD senior notes with maturity of 2023 and was successful in reducing the not ..

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."

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.
Focused

QBE: FY17 No Surprises, Sale of LATAM Operations

Earnings Note: 27 Feb 2018, 4:25 AM ET - QBE’s FY17 results revealed no surprises as management kicked off its new strategic plan with the disposal of its LATAM operations. We retain our Market perform rec as we see 2018 as a crucial year for QBE to turn around profitability. 

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.
Focused

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 ..

January 2018 Company Coverage Initiated

Company Coverage Initiated: 31 Jan 2018, 10:22 PM ET - Our monthly report provides executive summaries for the four companies on which we launched coverage in the Americas and Asia during the month of January.
Focused

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 ..

Euro Financial Movers: Low Country, Low Yield

Euro Financial Movers: 28 Jan 2018, 9:41 PM ET - Belfius issued its inaugural AT1, which priced at a tight 3.625%, whilst UBS and Nordea published 4Q17 earnings with similar trends to those seen in previous quarters. The EBA announced the launch date for the 2018 EU-wide stress test.
Focused

QBE: Back to the Drawing Board

Earnings Note: 23 Jan 2018, 4:48 PM ET - Despite the significant one-off losses announced for FY17, the limited effect on QBE’s credit metrics leaves us comfortable in retaining our Market perform recommendation. 
Focused

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.
Focused

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.

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