Stocks
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The stock hit new lows after James River booked a $115mn reserve charge and posted a Q4 combined ratio of 140.6%. -
Combined, Warren Buffet’s investment conglomerate has shed over 4.88 million shares of Marsh since the end of June, or more than 92% of its holdings.
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Stock volumes were up, and InsurTech short interest intensified despite significant existing short positions in the stocks.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Insurance stocks mixed following swath of earnings results; Aon gains nearly 7% in Friday trading.
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Stock prices fluctuated, and InsurTech short-sellers took some profits.
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The InsurTech’s stock traded at $28.25 by midday Tuesday, down from its $163.93 peak in February 2021.
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InsurTechs continue to get battered as markets enter correction territory, but broader industry holds up amid wide declines.
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The share price of the auto InsurTech plunged after the company said it was cutting its headcount by 330 staffers, or about 20% of its workforce.
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HCI’s suspension of TypTap's spin off amid a punishing market for InsurTechs pressured the company's stock.
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InsurTechs, including Lemonade, Root, Hippo, and Metromile, shed some short interest but remain the target of choice for short-sellers.
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The legacy carrier said it expected cross-trading on the OTCQX to widen its investor base and support liquidity on the LSE AIM.
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