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Fly News Breaks for December 27, 2019
Dec 27, 2019 | 12:14 EDT
Cantor Fitzgerald analyst Steven Halper said he spoke with Health Insurance Innovations' (HIIQ) CEO Gavin Southwell about last week's business update, after which the analyst does not believe the company intended to communicate that it was winding down its IFP business but appears to be undertaking a series of moves to improve the performance and profitability of the segment. Southwell confirmed that the company has been decreasing its business with Chubb (CB) over the period of several months and added that he expects the company to announce a new relationship with "a much larger insurance carrier," according to Halper, who noted that the company has rotated carrier relationships in the past and he views this case as no different. The analyst, who believes the risk/reward is attractive regardless of the outcome of the strategic review process, keeps an Overweight rating on Health Insurance Innovations shares, which are down 90c, 4.5%, to $18.85 near midday.
News For HIIQ;CB From the Last 2 Days
May 23, 2022 | 16:29 EDT
Citi analyst Michael Ward initiated coverage of nine life insurers and five property & casualty underwriters, expressing a preferences for the life names over P&C in the current market environment despite "the market suggesting a preference for the opposite based on valuation." He sees the life sector being attractive given materially higher interest rates and increasing visibility around COVID claims, while voicing concern that P&C profitability relies heavily on pricing exceeding loss trends, which in the near-term seems uncertain. His Buy ratings in life are on Voya Financial (VOYA), MetLife (MET) and Equitable Holdings (EQH) and in P&C are on Allstate (ALL) and Hartford Financial (HIG). He has Sell ratings on Progressive (PGR), citing valuation, a Sell rating on Reinsurance Group (RGA) driven by his expectation for an impaired valuation post-COVID and a Sell rating on Principal Financial (PFG) driven by a premium he sees being driven by "temporarily high buyback activity, Ward tells investors.
May 23, 2022 | 16:13 EDT
Citi analyst Michael Ward initiated coverage of Chubb with a Neutral rating and $209 price target.