Decent 1Q for Zurich; Shares Marginally Undervalued
Zurich Insurance reported what we think are decent headline numbers for the first quarter. Having rolled our model and incorporated what we think is a better outlook for the nonlife division, we are increasing our fair value estimate to CHF 350 per share. We maintain our narrow moat rating.Having been in a state of almost paralysis, the North America nonlife division reported gross written premium growth of 100 basis points and rate rises equal to 400 basis points. With the outlook for this bus...
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