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Platinum pressured; Novae continues to fall

It was another tough five days for P&C (re)insurance stocks last week, as The Insider 30 index of share prices retracted by 0.9 percent overall.

Investor sentiment for Lloyd's carrier Novae continued to wane, as shown by a 5.39 percent decline in the company's share price, bringing its year-to-date performance to -18.74 percent.

Shares in Bermudian reinsurer Platinum dropped by 5.05 percent last week after the firm reported that it had slashed its top line by 17 percent in Q2 amid competitive market pressures, causing net income to fall by 27.5 percent to $36.2mn for the period.

Meanwhile, London-listed JLT's share price rose by 2.88 percent. Last week, the London-listed broker's capital markets division closed the latest Market Re catastrophe bond, which covers North American earthquake exposure at $30mn via two separate classes.

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