JPM downgrades Swiss Re to 'neutral' preferring peers in a softening market

Hannover Rueck SE

24/09/2025 07:42

** J.P. Morgan downgrades Swiss reinsurer Swiss Re SRENH.S to "neutral" from "overweight" as the market shifts to a softer phase, prompting a preference for more resilient peers

** The brokerage expects price softening to continue into 2026, noting that "historically, softer phases of the market last longer than harder phases of the market"

** Peers like Hannover Re HNRGn.DE are considered better prepared for the expected downturn in reinsurance prices, JPM analysts say

** The broker adds that a material re-rating in Swiss Re's shares means its valuation has caught up with peers, reducing its relative appeal ahead of the cycle change

** Up to the previous session's close, shares in Swiss Re were up 7.5%​ year-to-date but fell 2.7% in the last month

 (Reporting by Maria Rugamer)

 ((Maria.Rugamer@thomsonreuters.com))