Wells Fargo analyst Elyse Greenspan downgraded Axis Capital to Underweight from Equal Weight with an unchanged price target of $55. The company’s exit from property and catastrophe insurance means it won’t be able to participate in the hardest catastrophe reinsurance market seen in decades, Greenspan tells investors in a research note. This puts Axis at a relative disadvantage versus peers, Greenspan tells investors in a research note. The analyst also thinks not having a catastrophe offering will lead to less opportunity for Axis to write casualty business.
Published first on TheFly
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