Doom and gloom overshadows P&C stocks
Downbeat second quarter results continued to dent investor sentiment in the P&C (re)insurance sector as The Insider 30 index fell a further 3.23 percent for the week ending 1 August, with Lloyd's carriers and short-tail specialists hit the hardest.
In London, Beazley's share price plunged by 9.06 percent last week. Hiscox's stock took a similar beating, ending the week 7.9 percent lower.
Meanwhile, Q2 earnings misses and subsequent stock downgrades triggered a sell-off of shares in Bermudian short-tail carriers RenaissanceRe and Montpelier Re, resulting in declines of 6.45 percent and 6.75 percent respectively.
However, there was better news for Novae as its shares climbed by 2.91 percent, and its recovery continued on 5 August following its solid interims. Nevertheless, the carrier's year-to-date performance is still lagging behind significantly as it remains down 15 percent.