Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Beazley
Insurers Beazley LON:BEZ have issued a trading statement this morning, covering the nine months to 30th September. Gross written premiums for the period are up 16%, putting them ahead of expectations. The company also notes that strong growth has been seen in the ‘cyber & executive risk’ categories, whilst the rates it can charge are increasing across the board, meaning the risk/reward ratio ‘warrants writing materially more business’. H1 claims estimates for COVID-19 are unchanged from past estimates and the FCA judgement over business interruption wording isn’t expected to have any material impact.
easyJet
There’s news from easyJet LON:EZJ of a further sale and lease back of aircraft this morning. The move sees the low cost airline mortgage 11 of its planes, freeing up around £130m in fresh liquidity. Whilst this is a sensible move to free up cash, the wiggle room is disappearing for the airline which last month made a similar move with 9 aircraft. Working from the numbers in the October announcement, that means that just over 40% of the fleet is now unencumbered.
Premier Foods
A quick note from Premier Foods LON:PFD advises the market that the company has now agreed to dispose of its 49% holding in Hovis, with proceeds of £37m resulting. There are no details mentioned as to how the money will be used.
Sign up for three quick facts and more with our Free Daily Digest newsletter, every weekday morning.
