Macquarie Halts Coverage of U.S. Life Insurers as Dargan Exitsby
Group is working toward a transition plan, Farkas says
Insurance sector research remains important to firm, she says
Sean Dargan, who covered life and mortgage insurers as an analyst, left Macquarie Group Ltd., and the financial-advisory firm said it will cease coverage of those sectors for now.
A transition plan is in the works and the industry remains important to the firm, Christine Farkas, head of U.S. equity research at Sydney-based Macquarie, said Friday in an e-mail. Dargan declined to comment.
Analysts for the sector have been shuffling around as some choose to join insurers for investor-relations roles. MetLife Inc., the largest U.S. life insurer, hired Wells Fargo & Co.’s John Hall in May as head of investor relations. Evercore Partners Inc., whose insurance analyst Mark Finkelstein joined Prudential Financial Inc., said in April that it was adding Tom Gallagher from Credit Suisse Group AG.
John Nadel departed in May from Piper Jaffray Cos., where he covered insurers. Daniel Farrell, who handled insurance brokers, also left, as did Jason Weyeneth, who led research for money managers including BlackRock Inc.