Amlin and Novae nudge up after strong IMS updates
Novae and Amlin were the only carriers to outperform the benchmark FTSE 100 index last week thanks to a positive reaction to their strong Q3 results.
Novae's shares edged up 0.82 percent last week following the company's Q3 interim management statement.
The Lloyd's carrier said that modest cat losses had helped boost its underwriting performance. The company wrote 25 percent more reinsurance premium in the third quarter, which moderated the reduction in that segment's top line over the first nine months.
Meanwhile, its much bigger Lloyd's peer Amlin told investors last week that it now expects to beat its 15 percent return on equity target for 2013 after an "excellent" underwriting performance during the third quarter, aided by benign cat losses. Its share price was up 0.37 percent for the week.
At the other end of the spectrum, Catlin's share price fell by 1.34 percent despite reporting a strong underwriting performance in the nine months to 30 September.
Fellow rivals Beazley, Hiscox and Lancashire all dipped slightly last week.