Opinions David Driscoll
MUNICH REINSURANCE MURGFBUYJul 20, 2026
David DriscollStock price when the opinion was issued
As of Jul 20, 2026. Market Open.
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Total return over last 10 years is north of 18% annualized. Annual dividend increases and share buybacks. Credit-rating upgrade. Interest rate cycle has been positive, as has the effect of the runup in equity markets this year.
Very conservative business, utilizing AI tools for both risk and claims management. Great company. Financials outside Canada are trading at significant discounts. (Price target in euros.) Yield is 4.75%.
Darren SissonsA serial dividend increaser. Their investments are doing well with interest rates up. Are excellent underwriters.
Darren SissonsDarren SissonsDarren SissonsDarren SissonsDarren SissonsDarren SissonsDarren SissonsDarren SissonsDarren SissonsCompanies in this space will go to, say, SunLife and buy 10% of their flood exposure. Active globally, based in Germany, 140 years old. 3.5% yield that rises each year. Add some share buybacks regularly. Add rising interest rates. This will increase reinsurance rates. (Analysts' price target $248.22)
Darren Sissons
Most of their business is in Europe which is a small strike against them. The dividend is growing nicely, up 20% over the past decade. Their combined ratio is good as is their free cash flow. If you buy the ADR version of this, you lack the liquidity. He prefers the stocks itself.