Miller Tabak Reiterates Hold Rating, $31.63 PT on Willis Group Holdings

In a report published Monday, Miller Tabak + Co. reiterated its Hold rating and $31.63 PT on Willis Group Holdings WSH. Miller Tabak noted, “In the first read on January 2013 renewals after Hurricane Sandy, Willis Re reports that they have seen overall property/catastrophe coverages renew at rates slightly lower, on average, than in January 2012, for all accounts other than those that actually took insured catastrophe losses in 2012. For accounts that took losses in the US -- largely on claims related to Sandy -- average rate increases were 10%. These are the rates charged by reinsurers to primary insurers, a key dynamic factor that tends to lead primary insurers to follow on with rate increases or decreases if their own costs of reinsurance move up or down.” Willis Group Holdings closed on Friday at $33.40.