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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.

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. 

U.S. P&C Insurance: Hurricane Florence

Sector Analysis: 11 Sep 2018, 3:59 PM ET - In this note we discuss insurers most susceptible to losses from Hurricane Florence. The Hurricane is expected to make landfall as early as Thursday evening.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

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 ..

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 ..

BCHINA: Lower Provisions Help Bottom Line in 1Q18

Worth Watching: 30 Apr 2018, 4:34 AM ET - BCHINA saw profits rise 5% but this was solely due to provisions which fell 30% YoY. While state-owned peers mostly raised impairments in 1Q to account for IFRS 9 and and ahead of the introduction of new regulations related to shadow loans, BCHINA ..

Hyundai Capital Svcs: Profit Steady, Mix Shifts

Earnings Note: 24 Apr 2018, 11:11 PM ET - Hyundai Capital Services reports steady results for 2017 but is shifting its mix from auto loans to higher return assets.  

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.

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.

AIA: Marketing 10-Year $ Senior at 125 bp - 130 bp

Worth Watching: 27 Mar 2018, 9:33 AM ET - AIA is currently marketing a 10-year senior unsecured bond in USD at IPT 125 bp to 130 bp. The book runners are Barlcays, BNP Paribas and Morgan Stanley. We recently initiated the coverage of AIA Group with an Outperform recommendation conside ..

Pru plc & AIA: FY17 Earnings We Prefer AIA

Earnings Note: 14 Mar 2018, 12:50 PM ET - Pru plc announced its intention to demerge its European division; prospectively, the "New Pru" will focus on Asia, Africa and the USA. This is probably the first step in the group reorganisation. We reiterate our preference for AIA.

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.

Euro Financial Movers: Connection to a Correction

Euro Financial Movers: 11 Feb 2018, 9:51 PM ET - Credit Suisse investors lose out on VIX volatility, 4Q17 bank earnings include some IFRS 9 and Basel 4 guidance, and European insurers release excess capital - a trend likely to be credit negative.

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.

AIA: Initiating on HK Insurer at Outperform

Company Spotlight: 06 Feb 2018, 10:13 PM ET - We very much like AIA’s risk profile and believe it offers a good investment opportunity for investors who want to buy into the current and prospective increasing demand for insurance products in Asia.

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.
Focused

U.S. P&C Insurance: Hurricane Harvey

Sector Analysis: 25 Aug 2017, 12:05 PM ET - Hurricane Harvey is the region’s strongest storm in more than a decade. Landfall in Texas is likely late Friday/early Saturday. CNA, Allstate, Liberty Mutual, Progressive, Travelers, Chubb, AIG, and others have exposure.
Focused

Japanese Insurers: 1Q17 The Last Call

Earnings Note: 16 Aug 2017, 5:22 AM ET - We comment on the 1Q17 earnings of European insurers. Despite an interesting coverage over the past few years characterised by numerous acquisitions outside of Japan, we will cease coverage of the three P&C Japanese insurers with this note.

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