Research

AIG: The three-step master plan

We have written extensively our conviction 2019 would prove an inflection point. However, it is now clear even we underestimated the extent management would wield the axe.

IPC Research, August 08, 2019
Hedge Fund Re: The irony factories

It’s tough out there for total return reinsurers. Our view is that the current valuations of total return reinsurers are unsustainable, and that the group are vulnerable to M&A and activism.

IPC Research, August 07, 2019
Brokers: Climate change denial?

Insurance brokers reported strong Q2 results, with organic growth tailwinds helping both top and bottom lines. But with elevated expectations, strong results appear to be merely table stakes.

IPC Research, August 06, 2019
Medmal social inflation in focus

Swiss Re’s medmal exit comes after ProAssurance’s warning last quarter of companies being “swept away by the tide”.

IPC Research, August 02, 2019
MMC: Closing the margin gap > revenue headwinds

Expect a messy first year at MMC post-JLT. But longer term, the opportunity to close the margin gap on acquired and retained revenues is huge relative to earnings on likely lost revenue.

IPC Research, July 31, 2019
Reinsurance: A declaration of dependence

Mercury and NatGen highlight challenges of companies dependent on reinsurance facing higher implied cost of capital.

IPC Research, July 30, 2019
Brokers: Caught between a soft and hard place

Intermediaries appear caught between the competing pressures of results that speak to an improving market (good for their stocks) and a concern to manage market expectations to the benefit of clients.

IPC Research, July 29, 2019
The excess capital problem

How sustainable is an income statement driven hard market?

IPC Research, July 25, 2019
Commercial Lines: Pain > gain? ¯\_(ツ)_/¯

In P&C, good news is often bad news, and bad news often forebodes better times ahead. New data points yesterday gave plenty of both…

IPC Research, July 24, 2019
Brown & Brown flips the script

Having been notably more bearish than most in Q1, the Broker’s Q2 report looks more in line with increased market bullishness from early reporting RLI and BB&T.

IPC Research, July 23, 2019
Q2: So where's the pain?

It’s clear that pricing is improving. But how widespread is the pain that’s driving it? (It’s not just AIG & Lloyd’s).

IPC Research, July 22, 2019
"Disruption is oxygen"

BB&T and RLI give ultra bullish reads on P&C markets.

IPC Research, July 19, 2019