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Fly News Breaks for November 12, 2019
RNR
Nov 12, 2019 | 06:48 EDT
JPMorgan analyst Jimmy Bhullar downgraded RenaissanceRe to Underweight from Neutral with a price target of $173, down from $187, after assuming coverage of the name. The analyst says his long-term outlook for the reinsurance market is cautious. Headwinds that pressured pricing in the past several years, including excess capacity, diversity of third party participants and consolidation among brokers, are still persistent and "will preclude a sustained hard market," Bhullar tells investors in a research note.
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