Heritage trades up on buyback authorisation
P&C (re)insurance stocks edged down last week as The Insider 30 declined by 0.35 percent on average.
Floridian insurer Heritage made the biggest gains after its share price rose climbed by 7.4 percent, likely driven by the company's announcement of a $20mn share repurchase authorisation.
Beazley traded up by 3.7 percent, while AmTrust's share price rose by 2.65 percent. Last week (18 September), The Insurance Insider revealed that AmTrust was in advanced talks to buy Texas-based insurer Republic Group.
In contrast, shares in Towers Watson - which is set to merge with Willis in an $18bn deal - fell by 3.8 percent last week, perhaps reflecting investor concerns over the valuation of the company's equity in connection with the transaction.
Meanwhile, French insurer Axa traded down by 3.61 percent, while US insurance giant The Hartford was off 3.55 percent and gargantuan conglomerate Berkshire Hathaway was down by 3.05 percent.