Research

A black swan moment for levered roll-ups

We view current economic conditions manifesting as a potential “out of sample” problem the highly levered agent roll-up model has not anticipated.

IPC Research, April 16, 2020
P&C stocks underperformed the market during Covid-19 selloff

P&C stocks underperformed all sectors outside financials and energy in March.

IPC Research, April 07, 2020
Aon-Willis: Markets are pricing in the likelihood of no deal

The stock price movements of Aon and Willis Towers Watson since their mega-merger was announced suggests investors are proceeding with caution ahead of possible shareholder and regulatory opposition.

IPC Research, March 27, 2020
Aon-Willis: A strategic coup, but an unfair price

The deal has both sound financial and strategic rationale. But is it a fair deal? Not exactly.

Dan Lukpanov, March 12, 2020
2020: A 'Prove-It' Year for Bermuda Independents?

Aspen and Argo hang over the Bermuda market, offering a parable of potential consequences for the remaining Bermuda “independents” in a make-or-break year.

IPC Research, March 09, 2020
Hard Market Watch: CIAB Q4 Edition

The takeaways from CIAB's Q4 survey were continued rate increases in line with market intelligence from companies.

IPC Research, March 05, 2020
Progressive: Let the Omni-wars begin

Following decades of significant market share growth, Progressive faces increasingly cost-efficient competition from large carriers, while its new TAM places the firm in a competitive agency channels.

Gianluca Casapietra, March 02, 2020
Market plunge drags down P&C stocks

Last week, the global spread of the coronavirus spooked investors, causing a sharp drop in risk assets globally.

Dan Lukpanov, March 01, 2020
Berkshire: Ludicrous earnings, but less healthy P&C

Warren Buffett’s conglomerate reported ludicrous headline net earnings, but with a less healthy story in insurance with lower favorable development and notable deterioration of results at Geico.

IPC Research, February 24, 2020
Q4 Broker Wrap: As Good As It Gets?

Brokers fired on all cylinders as the group outpaced historical averages on all key performance metrics, largely driven by P&C operations, but the sailing has not been equally smooth for everyone.

Dan Lukpanov, February 18, 2020
Auto: Expectations vs. Reality

Coming into 2019, with margins reaching cyclical highs, and pricing still elevated, the dynamic in auto changed on a dime.

Gavin Davis, February 17, 2020
Aon vs MMC: Two paths not taken. But which has made all the difference?

On Friday Aon reported earnings with its highest organic growth in 15-years . The blowout report gave a point of contrast on two roads that diverged in large-cap broking.

Dan Lukpanov, February 01, 2020