2Q26 P&C Insurance Preview: Valuation Rebounding, but Still Low

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2Q26 P&C Insurance Preview: Valuation Rebounding, but Still Low

Idea

July 6, 2026 04:31 AM GMT

Morgan Stanley & Co. LLCMInsurance - Property & Casualty | North America Bob Jian Huang

Equity Analyst

2Q26 P&C Insurance Preview: Bob.Huang@morganstanley.comDaniel Lee, ACAS +1 212 761-6136

Research Associate

Daniel.Lee4@morganstanley.com +1 212 761-0219

Valuation Rebounding, but Still Siddhant Shah

Sid.Shah@morganstanley.com +1 212 761-2603

Low

Insurance - Property & Casualty

North America

Heading into the print, P&C trends remain unchanged from prior Industry View Attractive

quarters, although valuation has suddenly risen. The industry What’s Changed

likely delivers solid underwriting given low CATs and inflation, Brown & Brown Inc. (BRO.N) From To

Rating Equal-weight Underweight

offset by continued pricing softening. That said, given the recent

Slide Insurance Holdings Inc

valuation rebound, the set-up may be tough. (SLDE.O) From To

Rating Overweight Equal-weight

Constructive in the soft market cycle. Sentiment across P&C remains constructive

but more balanced, with investors focused on how quickly the cycle softens. We are Exhibit 2 : Price Target Changes

now more neutral on personal lines given continued earnings stability. To be Company Base Price Target Current7/1/26 %

clear, slower growth is a headwind. That said, we expect strong underwriting to Reinsurers/HybridsTicker Rating Prior New % Chg Price Upside

prove more durable, resulting in prolonged weak growth. With intensifying ACGLEG OE $355$105 $360$110 1.4%4.8% $357.23$97.06 13.3%0.8%

HG E $33 $34 3.0% $33.94 0.2%

competition, we expect decelerating growth, creating a headwind. However, this is RNR E $310 $320 3.2% $316.90 1.0%

likely to be more drawn out, so mean reversion may take longer.