A paucity of catastrophes

Lots of news in recent days in the Financials arena from Lloyds Insurers, fund management groups and the stockbroking community. Hiscox, Beazley and BRiT have all released news in recent days: Hiscox in particular saying that “a paucity of catastrophes” has benefitted its numbers.
Likewise many of the quoted fund managers have reported: Brewin Dolphin released third quarter and 9 months numbers, Charles Stanley released an IMS covering the 3 months to 30 June, and Rathbones Interims. All have had to deal with dull UK equity markets in recent weeks (and indeed months), meaning that Funds under Management are generally little changed compared with 31 December 2014.
Elsewhere St James’s Place has bought (private) fund manager Rowan Dartington, which has approx £1.1 billion of assets under management, for £34.2 million (including an earn out), enabling valuation comparisons to be made with WH Ireland. As per our recent note on WH Ireland’s Interims (published on 20th July), WHI looks seriously undervalued against peers when valued on its assets under management.
Finally an intriguing move by stockbroker Numis, which has invested £4.3m to buy 8.49% of Crowdcube.

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