Goldman Sachs Upgrades TRV and XL, Downgrades PTP and RNR
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Goldman Sachs upgrades Travelers (NYSE: TRV) and XL Capital (NYSE: XL) from Neutral to Buy and downgraded Platinum Underwriters Holdings Ltd. (NYSE: PTP) from Buy to Neutral and RenaissanceRe Holdings Ltd. (NYSE: RNR) from Neutral to Sell.
The firm cited relative value in the sector for the rating moves.
The firm upgraded Travelers as they believe those insurers with strong balance sheets and large capital management programs will outperform over the next year. They also upgrade XL Capital, as they believe the recent pullback allows for an attractive entry point given what they believe to be limited downside risk to fundamentals.
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