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UPDATE: Morgan Stanley Downgrades Everest Re Group to Equal-Weight Following Bermuda Management Meetings

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In a report published Thursday, Morgan Stanley analyst Gregory W. Locraft downgraded the rating on Everest Re Group (NYSE: RE) from Overweight to Equal-Weight.

In the report, Locraft noted, “Reinsurance pricing declining at mid-year renewals; prop cat down 10-20%, casualty struggling to stay flat. We met recently with Bermuda managements of 12 reinsurers, brokers & alternative managers. Early indications on mid-year renewals are that property cat pricing will fall 10-20%, with ‘mid-teens' cited most. The weakness in property cat lines is spilling into other segments of reinsurance (non-cat property, casualty) as reinsurance pricing power from recent years is fading.”

Everest Re Group closed on Wednesday at $135.57.

Latest Ratings for RE

DateFirmActionFromTo
Nov 2019MaintainsOverweight
Aug 2019MaintainsEqual-Weight
Jul 2019MaintainsEqual-Weight

View More Analyst Ratings for RE
View the Latest Analyst Ratings

Posted-In: Morgan StanleyAnalyst Color Downgrades Analyst Ratings

 

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