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Insurance stocks are lukewarm amid earnings season, cats and political changes. -
The board will lead the review following feedback from shareholders including activist investor Jana.
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The PE firm held over 6.7 million Axis shares, around 8.2% of shares outstanding.
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The carrier’s Q4 operating EPS declined to $0.41 from $0.77 in Q4 2023.
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Most insurers outperformed the S&P 500 last year, but the trend is unlikely to continue.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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In June 2023, Hale Partnership got its license from the Cayman Islands Monetary Authority for HP Re.
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The state insurer is budgeting for an extra 43% of overall coverage in 2025-26.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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The activist investor’s position at the end of Q3 was valued around $116.3mn, SEC filings show.
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The firm had owned 3.45 million shares in Q2, then valued at over $256mn.
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Multiple reinsurance brokers have pitched the firm for sidecars.
