Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
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.
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.
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.
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