Zurich Insurance (ZURN VX, U/P, T/P CHF 302) - Rate turning event may stay elusive
We have updated our 2017e earnings forecast to allow for a preliminary estimate for around USD1bn combined losses in the US hurricane season. However, we expect market capacity to continue to put pressure on pricing overall. On valuation, we downgrade shares from Hold to Underperform.Zurich Insurance Group is a multi-line insurance company. Co. provides a range of general insurance and life insurance products and services, serving individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. Co.'s business segments include: General Insurance, which provides property and casualty insurance and services, risk insights; Global Life, which provides protection, savings and investment solutions; and Farmers, which provides management services related to property and casualty insurance.
Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
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