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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
The move follows the carrier’s 30-point improvement in its combined ratio to 101.4% after markets yesterday.
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Sources said the Chicago-based retail broker is in the preliminary stages of work with the intention of securing an investment later in the year.
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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.
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JP Morgan served as sole placement agent for the transaction.
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The move follows the company’s loss estimate increase to $1.54bn from a preliminary estimate of $1bn.
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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.
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The moves follow RenRe’s positive feedback on January 1 renewals, and UPC selling most of its outstanding policies in Florida to InsurTech Slide.
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A deal would give the broker the funds needed to finance its growth strategy, extending its IPO timeline at least into next year.
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Broker and commercial carrier trends align on economic indicators but diverge on stock performance and 2023 consensus estimates.
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Established players are walking away from writing IPO, SPAC and de-SPAC accounts as increased capacity and falling demand in the sub-class causes rates to crater.
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After market close on Wednesday, the carrier disclosed an estimated combined ratio of 109.1% for the quarter, adding 10 points year on year.
