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China fears pressure P&C stocks

P&C (re)insurance stock performance weakened last week as The Insider 30 fell by 3.39 percent, mirroring the movement of wider stock market indices.

The sell-off came as investors became increasingly jittery amid uncertainty over China's economic outlook, the devaluation of the yuan and global growth concerns.

European (re)insurers were some of the worst affected, with Allianz and Hannover Re trading down by 7.99 percent and 6.86 percent respectively, while shares in US insurance giant AIG slipped by 7.04 percent.

Shares in Floridian carriers Universal and Federated National fell by 10.05 percent and 9.94 percent respectively, perhaps a delayed reaction to the decline experienced by rival Heritage in recent weeks.

Across the Atlantic, a few carriers evaded the downward trend. UK motor insurer Admiral made an 8.97 percent gain last week after the company reported a 1 percent increase in H1 pre-tax profits.

Elsewhere, Lloyd's carrier Novae climbed by 5.84 percent, and beleaguered insurance services provider Quindell continued to make a recovery as its share price jumped by 13.71 percent.

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