Lancashire
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The carrier reported a combined ratio of 106.9% as it absorbed Covid-19 losses mainly from its property book. -
The entry into the market follows a handful of carrier exits in London.
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UBS analyst Jonny Urwin calls the raise “a big statement” that endorses hard market sentiments.
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The 3.6 percent discount to the undisturbed share price is the narrowest of the recent stock issues by the London-listed specialty trio.
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The carrier joins London-listed rivals Beazley and Hiscox in positioning itself to take advantage of pandemic-era rate growth.
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The carrier’s long-term backer sells after a surge in the share price.
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Analyst Jonny Urwin estimates a $20bn shortfall between available (re)insurance capital and demand.
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Beazley stock rises more than 9 percent following its issue.
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The CEO says the carrier would consider raising equity if potential returns warranted it.
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The (re)insurer's renewal price index demonstrates growth of 8 percent, as the top line expands by 12 percent.
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Shares in peers Lancashire and Beazley also registered losses during trading.
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The carrier may also expand in power and niche aviation as conditions improve, CUO Paul Gregory told analysts.
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