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Tue, Feb. 9, 4:08 PM
Mon, Feb. 8, 5:35 PM
Dec. 9, 2015, 8:01 AM
- Her hedge fund closed after failing to generate much in the way of profits, Meredith Whitney has resurfaced as manager of an $800M equity investment portfolio for Arch Capital Group (NASDAQ:ACGL). She won't be picking stocks, but is instead charged with overseeing allocations of the portfolio to external managers.
- "You like to have good athletes," Arch Capital CIO Preston Hutchings tells the FT. "Even if they are not in the same position they have occupied in the past. They can take the full back position or they can take the wing."
Oct. 28, 2015, 4:32 PM
- Arch Capital (NASDAQ:ACGL): Q3 EPS of $1.01 beats by $0.05.
- Gross premiums written of $1.16B (+1.8% Y/Y)
Oct. 27, 2015, 5:35 PM
- ABX, ACGL, AEM, AF, AFFX, AFOP, AMGN, ANIK, AR, ARII, ARRS, ASGN, ATML, BANC, BLKB, BWLD, CACI, CAVM, CBL, CGI, CHDN, CLI, CMO, CMPR, CNL, CNO, CNW, CRUS, CSGP, CW, CWT, DRE, DYAX, ECHO, ELLI, EPR, EQIX, EQY, ESIO, ESRT, ESV, EXR, FFIV, FMC, FORM, FORR, FR, GPRO, HBI, HLS, HOS, HT, HUBG, HY, INT, INVN, ISIL, KEX, KRA, KS, LNC, LOCK, LOPE, MAA, MANT, MAR, MC, MEOH, MMLP, MTGE, MTW, MUR, NE, NEM, NGD, NSIT, NTRI, NVDQ, NXPI, O, OCN, OGS, OII, ORLY, OTEX, PLXS, PPC, PRXL, PSA, PTC, QDEL, QEP, QGEN, QUIK, REG, ROG, ROVI, RRC, SCI, SGI, SGMO, SIMO, SPN, SPRT, SPWR, SSS, STAA, SU, TAL, THG, THRX, TILE, TLLP, TSO, TTMI, UNM, VAR, VECO, VRTX, WDC, WES, WGP, WLL, WMB, WSTL, WTS, YELP
Jul. 29, 2015, 4:42 PM
- Arch Capital (NASDAQ:ACGL): Q2 EPS of $1.16 beats by $0.08.
- Revenue of $823.39M (-10.5% Y/Y) misses by $186.61M.
Jul. 28, 2015, 5:35 PM
- ACGL, AEGN, AEL, AEM, AFFX, ALGT, ANIK, AR, ARII, ARRS, ASGN, ASH, ATW, BANC, BAX, BKCC, BLKB, BXP, CAVM, CBL, CEMP, CGI, CHDN, CHMT, CLD, CMO, CMPR, CNO, CNW, CROX, CSGP, CW, CWT, CXO, DDR, DOX, DRE, DYAX, EHTH, ELY, EQIX, EQY, ESRT, ESV, EXR, FARO, FB, FBP, FICO, FISV, FMI, FNF, FOE, FORM, FORR, HLS, HOLX, HOS, HY, IPCM, ISIL, IXYS, KEG, KEX, KGC, KRA, KRG, KS, LNC, LOCK, LPSN, LRCX, MAA, MANT, MAR, MC, MCK, MDAS, MEOH, MET, MMLP, MTGE, MTW, MUR, NBIX, NE, NOW, NSIT, NTRI, NXPI, O, OGS, OI, ORLY, OTEX, PDM, PEGA, PEIX, PPC, PSA, PTC, PVA, QGEN, QUIK, RKUS, ROG, RRTS, SBAC, SCI, SCTY, SFLY, SGMO, SKX, SPRT, SSNC, SSS, STAA, SU, TAL, TER, THG, THRM, THRX, TILE, TTEK, UNM, VAR, VGR, VNDA, VRTX, WDC, WES, WFM, WGP, WLL, WMB, WMGI, WSTL, WTS, WYNN
Jul. 1, 2015, 3:47 PM
- "The management teams of virtually every large property-casualty company will be having a conversation today about whether they should be more active acquirers,” says Sandler O'Neill's Paul Newsome.
- Before sellers get too excited, they should note the price Ace is paying for Chubb is just 1.7x book value - a discount to what high-quality insurance businesses typically sell for. "“I probably need to reassess what I’m holding out for because I’m never going to get that big price-to-book multiple now," says Newsome. "If a much-vaunted, well-regarded shop gets 1.7x book value, what should the mid-cap company that lacks scale and is kind of struggling get?”
- Possible buyers would include AIG, Allstate, and Travelers. With each having less than a $15B market cap, maybe on the block: W.R. Berkley (WRB +5.2%), Arch Capital (ACGL +2.7%), XL Group (XL +2%), and Cincinnati Financial (CINF +4.5%). Sporting just an $18B market cap and thus also maybe a target is Hartford Financial (HIG +6%).
- "There is now literally no deal that cannot be contemplated in P&C," says Citi's Todd Bault.
- Source: Bloomberg
- Previously: Ace builds more scale with Chubb purchase (July 1)
- Previously: P&C stocks on the move after Chubb sale (July 1)
- Previously: ACE buying Chubb in cash and stock deal for $28.3B (July 1)
Apr. 28, 2015, 4:19 PM
- Arch Capital (NASDAQ:ACGL): Q1 EPS of $1.17 beats by $0.09.
- Revenue of $1.31B (+1.6% Y/Y) beats by $160M.
Apr. 27, 2015, 5:35 PM
- ACGL, ACHC, AEGN, AFL, AHGP, AKAM, AMCC, ANIK, ARI, ARLP, AUY, AZPN, BGFV, BLDP, BMR, BOOM, BWLD, BXMT, CALX, CBL, CEB, CGI, CHE, CINF, CLF, CMRE, CNL, CRUS, DDR, DHT, EEFT, EIX, EPIQ, EPR, EQR, ESRT, ESRX, EXAC, FARO, FEIC, GNW, GPRE, GPRO, HAWK, HELE, HIW, HLIT, HURN, IACI, INAP, IPHI, KALU, KBR, KRFT, LOGM, MRCY, MSTR, MTSI, MWA, NANO, NATI, NCR, NVDQ, OHI, OI, OTEX, PEI, PNRA, RNG, RPXC, RRC, RSYS, SKT, SLCA, SWI, TAHO, TE, TPX, TSS, TWTR, ULTI, VRSK, WDC, WRI, WSH, WYNN, X, XCO, XOOM
Apr. 1, 2015, 9:51 AM
- Started at Outperform are ACE Limited (ACE -0.6%), Arthur J. Gallagher (AJG -0.9%), Chubb (CB -0.6%), Marsh * McLennan (MMC -0.5%), and XL Group (XL -0.3%).
- Initiated at Neutral: Arch Capital (ACGL -0.3%), Progressive (PGR -0.9%), Travelers (TRV -1.1%), and Willis Group (WSH -0.8%).
- Started at Underperform: Aon Plc (AON -0.7%) and W.R. Berkley (WRB -0.7%).
Feb. 10, 2015, 4:15 PM
- Arch Capital (NASDAQ:ACGL): Q4 EPS of $1.15 beats by $0.13.
- Revenue of $804.84M (+7.5% Y/Y) misses by $86.37M.
Feb. 9, 2015, 5:35 PM
Jan. 26, 2015, 12:25 PM
- Lack of scale has never been the problem at Axis Capital (AXS +5.4%), say Citigroup's Todd Bault and James Kaklick. The current issue is low demand, they say, and a merger with PartnerRe (PRE +1%) won't solve that.
- Noting the merger is being done at "no premium" (presumably to book value), the two say this deal and others in the industry are acts of necessity, rather than strategic opportunities. "The pressure to cut even more costs will be enormous given the lack of significant deal premiums."
- The team reiterates its Sell rating and $46 price target on Axis.
- More on the terms: PartnerRe owners will receive 2.18 shares in the combined company for each share they own, and Axis shares will convert on a one-to-one basis.
- A check of others in the industry: ACE Limited (ACE +0.1%), XL Group (XL +0.4%), Everest Re (RE +0.7%), RenaissanceRe (RNR +0.9%), Aspen Insurance (AHL +0.9%), Arch Capital (ACGL +0.2%), Reinsurance Group of America (RGA -0.6%), Montpelier Re (MRH +0.3%), Unum Group (UNM +0.1%).
- Previously: Axis Capital to merge with PartnerRe (Jan. 26)
Jan. 14, 2015, 10:00 AM
- Upgraded to Outperform from Neutral are Arch Capital Group (ACGL +0.4%), Endurance Specialty Holdings (ENH -0.5%), and Cna Financial (CNA +0.3%). Boosted to Neutral from Underperform is Progressive Corp. (PGR -0.5%).
- Downgraded: ACE Limited (ACE -1.7%), Argo Group (AGII -1.6%), Axis Capital (AXS -1.1%), Navigators Group (NAVG -2%), Allstate (ALL -1.2%), Travelers (TRV -0.6%), and W.R. Berkley (WRB -1.8%).
Jan. 2, 2015, 8:03 AM
- Relentless rate reductions, low investment returns, and the continued influx of alternative capital face reinsurers at the Jan. 1 renewal season, according to the latest 1st View Renewals report from Willis Re (NYSE:WSH).
- Given this backdrop, says Willis, the long-expected pickup in M&A activity is now reality.
- Chairman Peter Hearn: "Many reinsurers recognize they can no longer hope for salvation through major market losses or increasing interest rates. Their only sustainable course of action is to change their business models, portfolio mixes and to strive for scale."
- Interested parties: ACE, XL, PRE, RE, RNR, AHL, ENH, AXS, ACGL, RGA, MRH, UNM, PTP.
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