Stocks
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The $21/share pricing falls in the middle of the expected range. -
Fears of the oncoming soft market are causing a sector rotation away from P&C.
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The CEO noted that 45% of Everest’s US casualty book did not renew this quarter.
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The selloff may hint at headwinds for equity investors.
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E&S is most exposed to growth normalization, private credit is hunting P&C and fronting is deadlocked on exits.
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Industry stocks were firmly behind the S&P 500 in Q3.
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The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.
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The insurer has chosen a “take two” deal after buying Endurance, betting again on Bermuda.
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Third Point purchased 50,000 shares of the E&S insurer, which represents roughly 0.1% of its shares outstanding.
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The S&P 500 outperforms as P&C tumbles on mixed earnings.
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The president expects to see benefits from the deal in H2 2026.
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Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.
