Stockwatch: WTW climbs 5.7% in good week for US insurance stocks
The biggest faller in the week was Talanx, which lost 8.2%
Bermudian re/insurance stocks performed well amid expectations of a continued hard reinsurance market
Insurance Day’s selected insurance stocks climbed 1.7% this week.
Broking stocks led the way, gaining 2.7% in the seven days to September 20, followed by Bermudian (+2.3%) and other North American insurance stocks (+2%).
Broking giant WTW was the week’s top performer, climbing 5.7%, although the stock is still down 12.1% for the year-to-date.
Bermudian re/insurers also performed well, amid expectations of a continued hard reinsurance market, with Everest Group up 4.5%, Axis Capital gaining 4.2%, Arch Capital climbing 3.8% and RenaissanceRe up 3.1%. Everest this week launched a US wholesale and programmes division.
Listed Lloyd’s stocks were up 1.7% for the week.
Lancashire, which is planning to launch a US operation, was the top performer in the group, climbing 3.5%, followed by Beazley (+1.1%). Earlier this month, Beazley also unveiled the launch of an excess and surplus lines carrier in the US.
Only four of Insurance Day’s stocks lost value this week.
The biggest faller was Talanx, which lost 8.2% – although the stock is up 33.6% for the year-to-date.
Bermuda-based SiriusPoint's shares were down 1.6% for the week, although the stock remains the best performer this year having gained 74.4%.
Scor (-0.75%) and Greenlight Re (-0.73%) also lost value.