|Bid||0.00 x 141600|
|Ask||0.00 x 153800|
|Day's range||191.10 - 193.20|
|52-week range||166.60 - 199.00|
|PE ratio (TTM)||88.96|
|Earnings date||6 Feb 2018|
|Forward dividend & yield||N/A (N/A)|
|1y target est||198.89|
** Credit Suisse says it is "selectively" positive on the European insurance sector ** Says there is some upside potential in the sector as a whole, although at a lower level than at start of ...
Lloyd's of London insurer Beazley (LSE: 31740399.L - news) said it expected to report 2017 pre-tax profit ahead of current market expectations, despite the sector having faced hurricanes, earthquakes and wildfire bills of over $135 billion. The insurer pointed to a reduction of about $5 million in the value of its U.S. deferred tax asset following the cut in the U.S. corporation tax rate to 21 percent from 35 percent. Beazley (LSE: BEZ.L - news) said it expected its combined ratio, a measure of underwriting profitability, to be 99 percent for 2017.
Munich Re's Ergo unit has dropped plans to sell run-off life insurance policies, saying non-binding offers received by the company were too low. "In Ergo's view, the current value of the portfolios and its potential appreciation is not adequately reflected in the offers submitted," Ergo Chief Executive Markus Riess said late Tuesday. Ergo and rivals are struggling to pay guaranteed returns to clients because of record-low interest rates.
Munich Re's Ergo unit has dropped plans to sell run-off life insurance policies, saying non-binding offers received by the company were too low. "In Ergo's view, the current value of the portfolios and its potential appreciation is not adequately reflected in the offers submitted," Ergo Chief Executive Markus Riess said late Tuesday.
Hedge funds bought reinsurance stocks in the third quarter after prices tumbled on widespread losses after multiple hurricanes in North America, filings showed on Wednesday. Reinsurance rates are likely to rise at January 2018 renewals as a result of increased demand, boosting profitability and driving the hedge fund interest. The sector is looking "quite an interesting place to be", said Nick Martin, manager of Polar Capital (LSE: POLR.L - news) 's $1.3 billion insurance long-only fund, adding that years of falling rates have driven down valuations.
LONDON, Oct (Shenzhen: 000069.SZ - news) 18 (Reuters) - The bill for compensating families of those who died in the Grenfell Tower fire in London may be as low as 4 million pounds ($5 million), according to several lawyers and a Reuters analysis of how damages laws apply in England. While similar disasters in the United States have led to massive payouts, any compensation for Grenfell would be far lower because English laws offer less generous damages and don't allow punitive claims, even if companies are found criminally responsible, said Brett Dixon, president of the Association of Personal Injury Lawyers (APIL).
The African arm of Germany's Munich Re has dropped KPMG as its auditor, the latest company to distance itself from the accountancy firm entangled in a scandal involving friends of South African President Jacob Zuma. KMPG sacked its South African leadership last month after it found work done for companies owned by the Gupta family - a trio of Indian-born businessmen with close ties to Zuma - "fell considerably short" of its standards.
Munich Re African unit has dropped KPMG as its auditor, its regional chief executive said on Tuesday. "We just felt that it would be better for us if we are dealing with a new auditor in 2018," ...
**JP Morgan says 2017 looks increasingly capable of becoming the most costly year on record for natural catastrophe losses, with current estimates pointing to an industry insured loss of ~$140 bln ** JPM ...
A South African broker and an energy investment firm fired KPMG on Tuesday, two of a number of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma. Sasfin and Hulisani, both relatively small financial companies based in Johannesburg, announced they would drop KPMG due to reputational risk. KPMG, one of the biggest and most influential names in accounting, cleared out its South African leadership on Friday after it found that work done for firms owned by the Gupta family "fell considerably short" of its standards.
Lloyd's of London underwriter Hiscox Ltd estimated it would face net claims of about $150 million from Hurricane Harvey and said it has yet to determine losses from Hurricane Irma. Insurers and reinsurers are counting the cost of Harvey, which lashed Texas in the last week of August causing flooding that put it on the scale of Hurricane Sandy in 2012. Hiscox (Swiss: 27373019.SW - news) said it had two main areas of exposure to the hurricane - reinsurance and insurance lines, including flood cover for homeowners and businesses.
European stocks edged up to a five-week high on Thursday, boosted by energy stocks and retailers, while stronger than expected U.S. inflation data also helped lift sectors with high dollar exposure. The ...
European shares fell on Monday as the euro strengthened after ECB chief Mario Draghi expressed no concern about a strong currency in a closely watched speech. The STOXX index for euro zone stocks fell ...
The London fire that killed scores of people last month could lead to gross property and liability insurance claims of 50 million pounds ($64.80 million), the company that had insured the property said. At least 80 people are dead, or missing and presumed dead, from the blaze that gutted the 24-storey Grenfell Tower block on June 14, and the final toll may not be known until next year, British police have said. Norway's Protector Forsikring (LSE: 0JXF.L - news) is the insurance provider for the building's owner, the Royal Borough of Kensington and Chelsea.
Aviation insurers have launched a model contract continuation clause to keep policies in place after Britain leaves the European Union, trade body the International Underwriting Association said on Monday. Britain and the EU hold Brexit talks on Monday and Britain is due to leave the EU in March 2019.
This week's fire in a 24-storey block of flats in London is expected to cost property insurers more than 25 million pounds ($31.8 million), Norwegian insurer Protector Forsikring (LSE: 0JXF.L - news) told Reuters on Thursday. The company expects the cost to be covered mainly by its reinsurance program. The Norwegian company wrote the insurance policy for the Grenfell Tower building, where authorities have confirmed 12 deaths following Wednesday's fire.
European shares fell from 20-month highs on Thursday as weaker banks weighed, with the broader market little moved by a widely expected European Central Bank decision to stand pat on policy. The pan-European ...
European shares retreated from 20-month highs on Thursday with financials and commodity-related stocks the main drag on the benchmark index. The pan-European STOXX 600 index was down 0.4 percent in early ...
A European Union watchdog will cut an interest rate used to price liabilities at euro zone insurers such as Munich Re, AXA (Paris: FR0000120628 - news) and Allianz (Swiss: ALV-EUR.SW - news) , a step that could mean some firms having to hold more capital. The European Insurance and Occupational Pensions Authority (EIOPA) said on Wednesday it would reduce the theoretical interest rate known as the ultimate forward rate (UFR), used to discount an insurer's liabilities over time. Insurers have work out their liabilities from policies going forward up to 60 years, but there are no reliable euro market interest rates extending beyond 20 years, hence the need for regulators to compile an extrapolated rate covering the 40-year gap.
LONDON/MUNICH, March 15 (Reuters) - German reinsurer Munich Re expects a lower profit in 2017 than last year as prices remain weak and it invests in technology, it said on Wednesday, sending its shares towards the bottom of the blue-chip DAX index. "We haven't seen the bottom (of the market) yet," Chief (Taiwan OTC: 3345.TWO - news) Executive Nikolaus von Bomhard told a news conference.