By Saxon East
Despite an upbeat message from chief executive Ewen Gilmour, Chaucer’s share price found itself falling last week. The Lloyd’s insurer’s share price fell from above 49p to just below 47p within a day.
It seemed the market was concerned by Chaucer having to strengthen its reserves in trade credit, which had taken a hit on claims from developing countries.
Another Lloyd’s insurer, Hiscox, ran out of steam after rising on the back of good results. A fortnight ago, its share price had risen from 320p to 340p in a few days, following reports of strong premium income growth.
But the market felt the optimism was overweight and the share price has sunk back down to the original level.
Beazley, which released strong premium income reports at the same time as Hiscox, has had slightly different fortunes. On Tuesday last week, its share price sat at just above 108p, before sinking to below 102p and rising back to 106p at close of business on Monday.