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At the end of October, the investor decreased its stake in the specialty insurer to around 3.05% from over 6.3% at the end of Q3, filings show.

JP Morgan served as sole placement agent for the transaction.

The move follows the company’s loss estimate increase to $1.54bn from a preliminary estimate of $1bn.

The move follows commentary on loss cost inflation exceeding rate rises in Q4 across Markel’s portfolio, driven by lines including public D&O and financial institutions.

The moves follow RenRe’s positive feedback on January 1 renewals, and UPC selling most of its outstanding policies in Florida to InsurTech Slide.

A deal would give the broker the funds needed to finance its growth strategy, extending its IPO timeline at least into next year.

Broker and commercial carrier trends align on economic indicators but diverge on stock performance and 2023 consensus estimates.

After market close on Wednesday, the carrier disclosed an estimated combined ratio of 109.1% for the quarter, adding 10 points year on year.

This publication revealed this morning that Bain-backed retail broker raised ~$100mn of preference shares in a deal with the private equity.

Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.

Inside P&C’s news team runs you through the key highlights of the week.

Price-to-book multiples for insurers have increased materially over the last two years, but drops in equity partially drove the increase due to unrealized losses.