Thu, Oct. 13, 8:46 AM
Wed, Oct. 12, 5:30 PM
Thu, Oct. 6, 11:23 AM
- The National Hurricane Centers says Hurricane Matthew has already strengthened to a category 4 storm, with some additional strengthening possible as it approaches Florida.
- Universal Insurance (UVE -10.1%), United Insurance (UIHC -7%), Federated National (FNHC -8.2%), HCI Group (HCI -11.8%), Heritage (HRTG -13.1%).
- The team at CreditSights notes Progressive (PGR -1.3%), Allstate (ALL -0.7%), AIG (AIG -0.4%), and Chubb (CB -1%) as all names with top-20 market shares in the hurricane-loss prone lines of business, and are in the top-20 writers of homeowner's insurance in Florida.
- These shops are large and diverse though. While losses could create a hit to earnings, they're unlikely to damage credit in any large way.
Thu, Oct. 6, 3:16 AM
- Millions of Americans are heading for higher ground as Hurricane Matthew barrels toward the Florida and South Carolina coasts and the death toll from the monster storm climbed to at least 26.
- Florida Gov. Rick Scott said 1,500 National Guard members had been activated and he asked President Obama to declare a federal emergency in 26 counties.
- Related stocks: CB, ALL, PGR, TRV, GNRC, NEE, CCL, RCL, DIS, SEAS
Tue, Oct. 4, 3:44 PM
- "We would wait to buy the P&C (re)insurance stocks until after Matthew passes and note the stocks tend to rebound post landfall when damages are not as bad as feared,” says the team at JPMorgan.
- Expected to hit Florida late Thursday, Matthew could dump as much as 10 inches of rain over parts of the state.
- Chubb (CB -0.8%), Allstate (ALL -0.8%), Progressive (PGR -0.6%), Travelers (TRV -0.4%), Universal (UVE -4.5%), HCI Group (HCI -2.6%), United Insurance (UIHC -1.9%), Cincinnati Financial (CINF -0.8%).
Thu, Jul. 14, 9:13 AM
Wed, Jul. 13, 5:30 PM
Thu, May 12, 5:30 PM
- Progressive (NYSE:PGR) says CEO Glenn Renwick will retire effective July 1, to be succeeded by COO Tricia Griffith.
- Griffith joined PGR in 1988 and has served as Personal Lines COO, responsible for the company's Personal Lines, Claims and Customer Relationship Management groups, since April 2015.
- Renwick has nearly 30 years' experience at the company, and has served as CEO of the parent company since 2001; he is known for winning market share by selling coverage directly to customers over the phone or Internet while rivals traditionally depended on agents.
Thu, Apr. 21, 1:32 PM
- It was a rough quarter for property & casualty insurers, in part due to major Texas hail storms - with Travelers (TRV -5.6%), Progressive (PGR -2%), and Allstate (ALL -1.9%) all reporting sizable catastrophe losses tied to that event.
- Catastrophes come and go, but low interest rates are seemingly a permanent fixture in today's world. Travelers' net investment income slipped to $439M in Q1 from $478M a year earlier as the company - perhaps looking to boost income through non-fixed-income investments - saw lower returns thanks to volatile markets.
- Look past the catastrophe loss, says BMO's Charles Sebaski. More concerning is the business-insurance segment which looks to be showing signs of strain from a competitive pricing environment. Travelers reported customers paying 2.2% more at renewal in Q1 vs. a 3.7% increase a year ago.
- Now read: Travelers: What Happened? (April 21)
Thu, Apr. 14, 9:29 AM
- Progressive (NYSE:PGR): Q1 EPS of $0.44 misses by $0.06.
- Revenue of $5.82B (+14.8% Y/Y) beats by $130M.
Wed, Apr. 13, 5:30 PM
Wed, Feb. 17, 11:52 AM
- It's been a tough start to the year for commercial mortgage-backed securities, and insurers tend to hold this sort of paper in their fixed-income portfolios. Sandler O'Neill's John Barnidge checks on just how much:
- While in general, life insurers tend to have more exposure than property & casualty players, Barnidge was surprised at some high levels among the P&C names. Leading was Conifer (CNFR -3.9%) with 44.4% exposure. State Auto Financial (STFC -2.3%) is at 23.7%. Among large-caps, Progressive (PGR +1.1%) is tops with 17%, while XL Group (XL -1.1%), Cincinnati Financial (CINF +0.5%), Travelers (TRV +1.3%), and Allstate (ALL +0.5%) all have less than 5% exposure.
Wed, Jan. 27, 9:09 AM
- Progressive (NYSE:PGR): Q4 EPS of $0.56 beats by $0.09.
- Revenue of $4.84B (+5.0% Y/Y) misses by $200M.
- Shares +0.61% PM.
Tue, Jan. 26, 5:30 PM
Oct. 16, 2015, 9:07 AM
- Progressive (NYSE:PGR): Q3 EPS of $0.47 misses by $0.01.
- Revenue of $5.41B (+14.4% Y/Y) beats by $140M.
- Shares +3.68% PM.
Oct. 15, 2015, 5:30 PM