North America P&C Insurance: Underwriting Pressures Build; Downgrade TRV to UW

Research evidence excerpt

North America P&C Insurance: Underwriting Pressures Build; Downgrade TRV to UW

Equity Research

12 June 2026

North America P&C Insurance

Underwriting Pressures Build;

Downgrade TRV to UW

With pricing softening, growth decelerating, and margin North America Insurance/Non-Life

pressure building, we think EPS upside across P&C carriers is NEUTRAL Unchanged

becoming harder to find. We downgrade Travelers to North America Insurance/Non-Life

Alex Scott, CFAUnderweight as we expect earnings to flatten and downside

risk to increase. +1alex.scott@barclays.com212 526 1561

BCI, US

UPDATE This publication is an update to 'North America P&C Insurance: Underwriting Pressures Justin Lee, CFA

Build; Downgrade TRV to UW', originally published on 12 Jun 2026 at 06:00 EDT. We have +1 212 526 0912

corrected some material omissions in text related to rating changes; no change to our data. justin.lee@barclays.com

We appreciate your 5-star vote in the Extel (formerly known as Institutional Investor or I.I.) Anling Chen

2026 All-America Research Survey for Financial Institutions → Insurance-Life & Insurance- +1 212 526 5995

P&C → Barclays / 5-stars and Alex Scott / 5-stars. Vote HERE anling.chen@barclays.com

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Summary

We have continued to observe pricing come in weaker than expected, with carriers responding

by pulling back on growth in an effort to defend underwriting margins. But the hard reality is

that pricing is worsening across the market, and with many companies operating at or near

peak profitability, we think it will be difficult for the group to grow EPS over the next several

years.