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The Canadian investment fund now owns almost 3.8 million shares of the personal lines insurer, compared to 281,773 in Q2. -
In the uncertain economic landscape, investors have shifted toward value stocks like insurance, with increasing movement around this earnings season and the election.
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The broker also lowered its organic growth guidance for the full year 2022 to 14.5%-16%, compared with the prior guidance range of 16.5%-18%.
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The likely windows for a secondary offering of Corebridge's common stock will be mid- to late March as well as mid-May to late June.
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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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The delisting comes after the insurer’s stock price fell below $1 for 30 consecutive days.
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Normalized cat returns of 25%-30% do not seem to be persuading reinsurers to dial up risk.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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If the company does not cure the event within 10 days of the missed payment or September 25, an event of default will occur.
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The shares expected to be bought back in the tender offer represent around 11.5% of White Mountains' shares outstanding as of August 19.
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The InsurTech’s stock price was down as much as 9% in after-hours trading following the announcement.
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US investments in the ILS and cat bond market are highly concentrated with five companies accounting for 70% of industry investments.
