Turner helps out insurers
Insurers should fare quite well out of the Turner Report, broker Fox-Pitt, Kelton said this week in a bullish note on the sector.
In a piece of research entitled Turner Molehill into a Mountain, it published 'out-perform' recommendations on Friends Provident and Prudential and an 'in-line' rating for Aviva.
It examined the report on UK pensions, which outlines a number of broad conclusions including reforms that may affect the listed UK life assurance space.
"We believe from an insurance industry perspective the reforms will have limited impact given the target market and key features within the proposals that protect existing private pension provisions.
"It seems clear the proposals are intended to co-exist with schemes already in force and not to replace them."
As Insurance Times went to press, Friends Provident was trading at 193p, Prudential was worth 527p and Aviva was at 695p.
Meanwhile, KBC Peel Hunt reacted to Atrium's trading update on the hurricane season.
Repeating its 'hold'recommendation, the stockbroker said the shares looked reasonably valued.
Atrium is currently trading at 203p.
'Yvette Essen is stock market reporter and insurance correspondent for The Daily Telegraph