'The tide is turning' for European Reinsurers and London Market, RBC says
** RBC Capital Markets sees multiples are under pressure for European reinsurers and the London market, as catastrophe pricing is off its peak
** RBC expects the decline to accelerate into 2026, particularly if there are low losses in natural catastrophes in H2
** The broker double-downgrades Lancashire LRE.L to "underperform" from "outperform" on its exposure to rate weakening in big ticket lines
** The broker draws a contrast to Hiscox HSX.L, which it raises from "sector perform" to "outperform" on its expectations of strong top and bottom-line growth from its retail division and material cost-cutting programme
** RBC downgrades reinsurers Swiss Re SRENH.S to "underperform" from "sector perform" and Hannover Re HNRGn.DE to "sector perform" from "outperform" on valuation and growth concerns
** Lancashire falls 3.37%, Swiss Re falls 1.4%, Hannover Re falls 0.38%, Hiscox rises 0.07% at 07:18 GMT
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