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Swiss Re AG

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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
CHF 213.00TqngRlrmcysy

Swiss Re Is Dedicated to Underwriting Improvements Through Research-Led Investments in Technology

Business Strategy and Outlook

For almost a decade, Swiss Re has been missing its stride. Yet we think this is a top-quality reinsurer with some unique assets. More than any other European reinsurer we cover, Swiss Re puts research and development, data and technology, customer relationships, analytics, and insight front and center when trying to carve out a pure underwriting-based competitive advantage. It has the leading property and casualty claims ratio by a minimum of 1 percentage point. We think it operates with strong natural catastrophe underwriting skill sets, driven by its proprietary risk models and collaboration with leading scientists. Barriers to entry are high because of potential losses, should a business fail to properly underwrite. A new entrant's entire capital base could easily be wiped out. That entrenches Swiss Re with customers, enhances trust, and increases switching costs.

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