Eine mutiger Beschluss in München, Zürich und London und die fossile Expansion hat ein Ende 🙌 #MunichRe #SwissRe #HannoverRe Will you make or break the climate transition?

Goldman Sachs Initiates ‘buy’ on Hannover Re, Scor amid reinsurance shift Investing.com -- Goldman Sachs in a note dated Monday has initiated coverage on Hannover Re (OTC:HVRRY) and Scor (EPA:SCOR) with a "buy" rating, citing their strong positioning in the evolving reinsurance landscape. The brokerage flags Hannover Re’s stability and earnings visibility, while viewing Scor as an attractive re-rating opportunity following a period of restructuring. The European reinsurance sector has outperformed broader equity markets since 2023, supported by hardening rates, disciplined risk management, and improved returns on equity. However, Goldman Sachs notes that the industry is now transitioning into a post-peak phase of the property and casualty margin cycle. Despite this, the brokeage sees selective opportunities for outperformance, with Hannover Re and Scor standing out as the most compelling investments. Goldman Sachs sees Hannover Re as well-positioned to navigate the evolving reinsurance cycle, emphasizing its consistent top-line growth, conservative risk management, and a track record of outperforming in past soft market cycles. The bank has set a 12-month price target of €312, noting that its current valuation offers an attractive entry point. “Hannover Re’s conservative P&C Re reserving / COR target, track record of managing earnings volatility through reserve releases, retro protection, and the stability of its L&H Re result, provides us greater earnings delivery certainty vs. its reinsurance peers,” Goldman Sachs said. Additionally, the bank highlights that Hannover Re’s relative valuation premium, which has compressed in recent years, makes it an appealing investment at this stage in the cycle. Goldman Sachs sees Hannover Re as well-positioned to navigate the evolving reinsurance cycle, emphasizing its consistent top-line growth, conservative risk management, and a track record of outperforming in past soft market cycles. The bank has set a 12-month price target of €312, noting that its current valuation offers an attractive entry point given its historical premium relative to peers. Goldman Sachs views Scor as an opportunity for valuation upside if the company can maintain stable performance following recent remedial actions. The brokerage has set a 12-month price target of €34.5, arguing that the company’s lower market share and strengthened balance sheet position it for superior top-line growth compared to its peers. Goldman Sachs views Scor as an opportunity for significant valuation upside if the company can maintain stable performance following recent remedial actions. The brokerage has set a 12-month price target of €34.5, arguing that its strengthened balance sheet and improved reserving position it for superior top-line growth compared to its peers. The report also suggests that the company’s underlying earnings power is stronger than its targeted combined ratio of below 87%, creating room for potential upside surprises. “We see the underlying earnings power of its P&C Re business as much stronger than the targeted <87% COR, and therefore see upside risks to 2025/26 VA consensus COR estimates. Acknowledging the greater risk-reward profile, in short, if Scor can move to a period of consistent delivery with no major surprises, then its very attractive valuation provides the greatest re-rating potential,” Goldman Sachs added. Goldman Sachs points out that the overall reinsurance market remains strong in historical terms, but the industry is now entering a phase of declining risk-adjusted pricing. “While rate adequacy remains strong in a historical context, and the 2025 California Wildfire losses limit downside risk at the mid-year renewals, our base case remains that we are in a post-peak P&C margin cycle,” the analysts said Given this backdrop, Goldman Sachs favors Hannover Re and Scor over other players in the sector. While Munich Re and Swiss Re (OTC:SSREY) have delivered strong returns, their valuations are seen as more stretched. The brokerage has downgraded Munich Re to "neutral," despite raising its price target to €573, and has maintained a "neutral" rating on Swiss Re, increasing its target to SFr150.

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Es war mal wieder an der Zeit:
Das DAX-Update 2024 ist gestartet🥳!

Mit Christian, mir und einer neuen Reihenfolge. Teil 1 mit #SAP, #Allianz, #MunichRe, #HannoverRe & #Talanx, #DHL, #Telekom & der #Siemens-Familie.

Im #Podcast-Player Eurer Wahl und auf #YouTube:
youtu.be/oW5fbv1_JVQ?...

Hannover Re is one of the most low-profile companies in the Dax. However, its stock is trading near an all-time high, precisely because of, or perhaps in spite of, its low-profile. 📈💼 #HannoverRe #Dax #StockMarket

5. @MunichRe, @Zurich and #HannoverRe have all confirmed that they will continue to uphold their net zero commitments even after leaving the NZIA. Through their departures they have invited even more scrutiny of their climate actions.

The recent departures of @MunichRe, @Zurich and #HannoverRe from the Net Zero Insurance Alliance #NZIA have created much debate. Amidst all the noise this 🧵 highlights some basic facts about net zero commitments and insurers' shift away from fossil fuels....

With @MunichRe, @SwissRe, #HannoverRe, @SCOR_SE, @Mapfre and a few others, 43% of the global reinsurance market (by premiums) have now restricted their cover for the oil industry – and all in this year alone. Even if gaps remain, this is a massive breakthrough!

Some reputed brands like #HannoverRe, @QBE, @HelvetiaGroup and @SCOR_SE also insured the operation of Cebu, even though neither the power plant nor KEPCO have any credible phase-out plans aligned with climate science.

Today 55% of the reinsurance market are covered by coal restrictions. @SwissRe and @SCOR_SE are now phasing out coal across all business lines, a move which @MunichRe, #HannoverRe, @LloydsofLondon and others need to follow. This would end coal insurance for good.

As 1,478 insurance professionals gather in Baden Baden to renegotiate next year's reinsurance contracts, campaigners have a clear message for them: #InsureOurFuture, not fossil fuels! @SwissRe @MunichRe @SCOR_SE, #HannoverRe @LloydsofLondon

Hannover Re Joins The Net Zero Alliance Hannover Re has joined the Net Zero Insurance Alliance, a...

Welcome move, #HannoverRe and @JJHenchoz. The IEA showed just today that Net-Zero means no more new coal, oil and gas projects. Is Hannover Re prepared to commit to this? #InsureOurFuture insurance-edge.net/2021/10/13/hannover-re-j...

👍Best performers on fossil fuel insurance: @AXA, @SwissRe, #HannoverRe, @Zurich and @MunichRe. 👎 Worst performers: @AIGinsurance, #BerkshireHathaway, @LloydsofLondon, @Sinosure_China, @Travelers and @WRBerkleyCorp

With #HannoverRe joining the #UnfriendCoal train, insurers accounting for 43.5% of the global non-life insurance market have now adopted coal restrictions. When will US and Asian insurers make their move? urgewald.org/medien/talanx-hannover-r...

After a relentless campaign by @Market_Forces, @QBE is the 11th insurer - and the first in Asia-Pacific - to #UnfriendCoal. Who's next? We're looking at you, #HannoverRe, @Chubb, @AIGinsurance, @LibertyMutual, #Sompo and #TokioMarine! ...

Give the climate a chance and #UnfriendCoal, @Urgewald billboards ask #HannoverRe as CEO @JJHenchoz, who brings a good climate record from Swiss Re, takes the helm.

Handelsblatt

Under Ulrich Wallin, #HannoverRe has sold its climate soul for higher dividends. Looking forward to fresh perspectives from CEO @JJHenchoz! @Talanx, @OliverSuess, @Urgewald www.handelsblatt.com/24076876.html