Hints and tips:
...Yet shares of insurers such as Allstate, Progressive and AIG are down between 3 per cent and 22 per cent this year, while the S&P 500 has climbed 16 per cent....
...Fitch downgraded Allstate’s holding-company credit to BBB+ from A- earlier this year, citing “sharp underwriting result deterioration”....
...All this has taken a toll on insurers’ earnings. The US property and casualty (P&C) industry recorded a $26.5bn net underwriting loss in 2022, says rating agency AM Best....
...Zurich’s P&C business also suffered from higher claims in US crop insurance, where dry weather hit yields. Greco highlighted the recent drought in Nebraska....
...Similar low-cost Covid policies offered by Alibaba- and Tencent-backed ZhongAn Online P&C Insurance and midsized Yong An Insurance have also been removed from current product offerings....
...a free cooked meal. burberry.com; onsideyouthzones.org P is for Pink PonyRalph Lauren’s Pink Pony was set up in 2000 to ensure access to cancer treatment is available to everyone at an early stage....
...The S&P 500 P&C insurance index, at nearly 15 times forward earnings, trades higher than its three-year average....
...O Over-rule When an umpire reverses a call by a line judge, aka how umpires prove they’re awake. P Passing shots Things of beauty that have more or less killed off serve-and-volley tactics....
...The idea was to sell her educational output to healthcare and insurance companies, but venture capital funds would not back her — they saw her work as worthy but unprofitable....
...medical staffing company....
...This has in the past made the bus company a lead indicator for the insurance sector....
...Our target P/TBV multiple for PAG is 1.01x, derived using a Gordon Growth model based on an 11% COE, our FY22E forecast RoTE of 11.1% and a 2% perpetual growth rate....
...The company will now look to raise c.$200M in new equity to complete the deal....
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...P/E, a c.30% premium to the sector (incl. ASOS and boohoo). JD Sports’s shares have declined c.50% in the last few months, and we see this as an entry point to one of the finest UK retail stocks....
...Our insurance team’s favorite life companies are Prudential and ASR We remain overweight of P&C Defensive: The sector should be agnostic to the cycle (having no correlation with HY spreads and PMIs) yet...
...large voluntary cuts; 3) production shut-ins from US shale kick in; 4) the transportation industry gradually comes back; and 5) there is a medical breakthrough on Covid-19....
...better understanding of immunity could steadily reduce the medical need....
...We expect underlying FCF of c.>€1.1 bn in 2021E and FCF to be positive ex WC from 2022. Valuation - Renault trades at c.4.2x 2021E P/E, a c.10% discount to its 3-year median....
...More than 12 per cent of the loans held by CLOs are now rated triple C — often indicative of a company on the brink of collapse, according to S&P Global....
...This covers both personal and commercial, lines including premium payments made across workers compensation, commercial multi-peril, commercial liability, medical malpractice and motor insurance....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...BP aims to reach a 12-14% ROACE by 2025 at $50-60//bbl 2020 real (2025 JPMe 12.3% at $60 Brent), and the company guides to a 2021-25 ‘balance point’ of c$40 Brent (in-line with JPMe)....
...It did, by a lot. A more compelling argument may be that hedge funds shouldn’t be benchmarked against the S&P 500 because they serve a different purpose: to protect capital when markets are down....
...” payout ratio of 71% after reducing last year’s earnings by 33%; (e) an equity cap of $23 billion vs. $8 billion for the index; and (f) trades at a trailing 12-month P/E multiple of 11x vs. 14x for the...
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