reports
- Henry Heathfield
- CFA
Property and Casualty Reinsurance Market Will Not Harden as Much as Sw...
Though Swiss Re is adamant that property and casualty reinsurance markets will have to put rate increases through the market to “right the ship,†we continue to believe the level of these rate increases will be more muted and lower than Swiss Re is arguing for. We maintain our no-moat and stable trend ratings and CHF 81.0 fair value estimate. For some time now, the industry has been suffering from bloated balance sheets, as the natural catastrophe environment has remained benign since 2005. ...
- Henry Heathfield
- CFA
Property and Casualty Reinsurance Market Will Not Harden as Much as Sw...
Though Swiss Re is adamant that property and casualty reinsurance markets will have to put rate through the market to “right the ship,†we continue to believe the level of these rate increases will be more muted and lower than Swiss Re is arguing for. We maintain our no moat and stable trend ratings and CHF 81.0 fair value estimate. For some time now, the industry has been suffering from bloated balance sheets, as the natural catastrophe environment has remained benign since 2005. This has e...
- Henry Heathfield
- CFA
First-Half 2017: Corporate Solutions Segment Remains a Concern
Swiss Re reported net income of $1.2 billion for the first half of 2017, quite significantly below our expectations. We are revising our fair value estimate down to CHF 81.00 from CHF 91.00 to account for the change in the foreign exchange rate, and are slightly lowering our assumptions for the property and casualty unit. The property and casualty division reported net income of $546 million versus $870 million in the prior year, as the unit absorbed $320 million of large losses, net of retroces...
- Henry Heathfield
Swiss Re Reports Disappointing Close to 2016
Swiss Re reported net income of USD 3.6 billion, below our estimate of USD 3.8 billion. Though the difference is small, this is a disappointing year-end close for the business based on deeper fundamental issues. Profitability is the problem, and we foresee this could continue. We see pressure in corporate solutions, Swiss Re’s growth unit, that we believe will not abate anytime soon. We will maintain our CHF 91 fair value estimate and no-moat rating. The poor results were across all segments. ...
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