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VR

Validus

$46.35

-0.82 (-1.74%)

18:23
12/07/17
12/07
18:23
12/07/17
18:23

Validus sees $30M net impact from October 2017 California Wildfires

Validus provided an initial estimate of Validus' net losses from the October 2017 California Wildfires and commented on the current U.S. House and Senate tax reform bills. Validus expects the net impact from the October 2017 California Wildfires to be $30M. This estimate is based on Validus' current evaluation of impacted contracts and information provided by customers and intermediaries. Validus' actual loss from this event may vary materially from this estimate due to uncertainties inherent in this preliminary information. The company also announced today that, based on the text of the current U.S. House and Senate tax reform bills, it does not expect the potential changes to U.S. tax law to have a material impact on the company's results of operations.

  • 07

    Dec

  • 02

    Feb

VR Validus
$46.35

-0.82 (-1.74%)

09/11/17
LEHM
09/11/17
NO CHANGE
LEHM
Irma and Harvey insured losses expected to top $100B, says Barclays
Barclays analyst Jay Gelb notes initial indications are Hurricane Irma's impact on Florida could result in insured losses of up to $60B. Irma will likely be the largest storm to ever impact the U.S., although not as bad as if Miami suffered a direct hit, Gelb tells investors in a research note on the insurance space titled "Devastating Irma Impact on Insurers, But It Could Have Been Worse." All in, Irma and Harvey insured losses are expected to exceed $100B, Gelb points out. He believes the re/insurance stocks could suffer from near-term uncertainty regarding the extent of losses. Of the names he covers, the analyst expects Everest Re (RE), XL Group (XL), RenaissanceRe (RNR), Validus (VR) and Aspen Insurance (AHL) "to take the brunt of Irma losses." Book value declines of more than 20% could require equity capital raises, Gelb contends. He says Chubb (CB), Travelers (TRV) and Hartford Financial (HIG) have relatively less exposure while AIG (AIG) could have greater losses among the primary insurers.
09/11/17
JPMS
09/11/17
NO CHANGE
JPMS
Irma losses could be lower than expected, says JPMorgan
JPMorgan analyst Sarah DeWitt believes losses from Hurricane Irma could be at the lower end of the $20B-$60B expected range since the storm weakened faster than expected. The analyst estimates the impact to book values for the companies she covers should be a "manageable" 1%-2%. Among the property casualty insurers, the analyst views Validus (VR), Everest Re (RE) and XL Group (XL) as the most oversold. She lists those three along with RenaissanceRe (RNR), Travelers (TRV), Arch Capital (ACGL), Chubb (CB), Allstate (ALL) and Progressive (PGR) as the P&C insurers with the most exposure to U.S. hurricanes.
09/11/17
BUCK
09/11/17
INITIATION
Target $52
BUCK
Buy
Validus initiated with a Buy at Buckingham
Buckingham analyst Amit Kumar initiated Validus with a Buy and a $52 price target.
09/21/17
UBSW
09/21/17
NO CHANGE
Target $50
UBSW
Neutral
Validus net exposure to hurricanes lower than anticipated, says UBS
After hosting meetings with Validus' CFO, UBS analyst Brian Meredith said his prior loss estimate for Hurricane Harvey and Irma was too high given the company's amount of retrocessional and reinsurance protection and its minimal exposure to the Caribbean. He lowered his forecast for Q3 catastrophe losses to $412M from $613M. Meredith keeps a Neutral rating on Validus shares.

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LLL

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HSGX

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PLD

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WLK

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SM

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LGF.A

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