Keefe Bruyette downgraded Arch Capital (ACGL) to Market Perform from Outperform with a price target of $101, down from $113. The firm adjusted ratings on the property and casualty space as part of Q2 preview. It believes catastrophe losses in the quarter suggest that pricing, loss trends, reserve development and capital deployment will dominate the earnings calls. Keefe expects moderate catastrophe losses but mostly reduced price targets to reflect tariff-related uncerintaty. It upgraded The Hanover and downgraded both Arch Capital and RenaissanceRe Holdings.
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