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In a messy quarter for US and Bermudian results, investors have been warned by analysts to look past cat losses to underlying performance and future prospects at (re)insurers.
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Share price data on The Insurance Insider's universe of P&C (re)insurers
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Analysts have advised investors to look beyond consensus estimates to underlying results as the sector heads for a second quarter earnings season hit by cat losses above what was modelled.
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Allied World shares surged last week amid a flurry of favourable analyst notes after the company smashed second quarter earnings forecasts.
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Reported nat cat losses for the second quarter have exceeded $2.33bn, with the bulk of carriers yet to reveal their potential exposure.
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There appears to be no end in sight to rate softening in the US property cat insurance market, according to the early reporting brokers and carriers on second quarter earnings calls last week.
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The two most highly valued Lloyd's insurers, Beazley and Hiscox, opened the results season with better-than-expected earnings for the first half of 2016.
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Share price data on The Insurance Insider's universe of P&C (re)insurers
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Companies in The Insider 30 saw their closing share prices remain relatively in line with the previous week at close on Friday (15 July), as the market waits for the second quarter results season to begin.
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Global reinsurers suffered double-digit share price retreats during the second quarter, while Bermuda suffered a modest decline and London ticked up, analysis from The Insurance Insider shows.
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A wave of (re)insurers have pre-announced catastrophe losses ahead of the second quarter results season, giving advance notice of the damage that a number of events will do to their underwriting performance.
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Total return reinsurers' struggle to achieve profit on both underwriting and investment continued from 2015 into the first quarter of 2016, with only one carrier generating profits on both sides of the balance sheet.
