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WR Berkley has witnessed a surge in E&S submissions even as rates creep upward. -
The wider insurance broking sector also rose on Tuesday, with MMC, Aon and Willis shares also up.
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Brown & Brown reported Q4 earnings with improved organic growth of 5.2% that exceeded both analyst consensus as a strong performance in brokerage offset weakness in services.
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On Thursday morning, Travelers reported EPS of $3.32 versus $2.13 YoY and a headline beat versus analyst consensus of $3.29, in part driven by low catastrophe losses (thanks to an aggregate reinsurance recovery).
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Shares of Travelers also fell by about 5 percent after the carrier reported its fourth quarter results on Thursday.
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The tort-challenged carrier's shares fall sharply despite favourable reserve development.
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With P&C earnings kicking off this week with RLI and Travelers, we note early reporting is correlated with superior performance over time.
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The insured loss total is more than one third down on the 2018 tally of $80bn.
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The equity research group says international P&C losses look likely to exceed earlier expectations.
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The broker said a significant loss could trigger a drop in capacity, which is at an all-time high.
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The loss tally includes a $7bn estimate for Typhoon Faxai and $8bn for Typhoon Hagibis.
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Carriers report claims cost inflation of less than 1 percent for 2019 to date, down from just under 3 percent for 2018.
