Core Insights - Global investment firm KKR and Portuguese private equity firm Quadrantis Capital will acquire a minority stake in Fosun International majority-owned Peak Reinsurance Company [1] Group 1 - KKR and Quadrantis Capital are entering into a partnership with Fosun International through this acquisition [1] - The acquisition reflects a growing interest in the reinsurance sector by private equity firms [1] - The deal signifies confidence in Peak Reinsurance Company's business model and growth potential [1]

KKR and Quadrantis have agreed to acquire minority stakes in Hong Kong-based Peak Reinsurance https://t.co/vBuIFXSsF5 ...

Core Viewpoint - Three stocks are highlighted with strong buy rankings and favorable value characteristics for investors to consider on October 17th Group 1: Energizer (ENR) - Energizer is a leading manufacturer and distributor of batteries and lighting products [1] - The company has a Zacks Rank of 1 (Strong Buy) [1] - The Zacks Consensus Estimate for its current year earnings has increased by 1.4% over the last 60 days [1] - Energizer has a price-to-earnings ratio (P/E) of 6.37, significantly lower than the industry average of 22.70 [2] - The company possesses a Value Score of A [2] Group 2: Scor (SCRYY) - Scor operates in the reinsurance business [2] - The company also carries a Zacks Rank of 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 6% over the last 60 days [2] - Scor has a price-to-earnings ratio (P/E) of 6.42, compared to the industry average of 8.60 [2] - The company possesses a Value Score of A [2] Group 3: Arrow Electronics (ARW) - Arrow Electronics is one of the largest distributors of electronic components and enterprise computing products [3] - The company holds a Zacks Rank of 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 0.2% over the last 60 days [3] - Arrow Electronics has a price-to-earnings ratio (P/E) of 11.57, lower than the industry average of 20.90 [3] - The company possesses a Value Score of B [3]

Core Insights - Three stocks with strong income characteristics and a buy rank are highlighted for investors on October 17th Group 1: Company Performance - Energizer (ENR) has seen a 1.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - MillerKnoll (MLKN) has experienced a 3.3% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Scor (SCRYY) has reported a 6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] Group 2: Dividend Yield - Energizer (ENR) offers a dividend yield of 4.9%, significantly higher than the industry average of 0.0% [1] - MillerKnoll (MLKN) provides a dividend yield of 4.5%, also above the industry average of 0.0% [2] - Scor (SCRYY) has a dividend yield of 3.9%, compared to the industry average of 1.7% [3]

Core Viewpoint - Fitch Ratings has revised the outlook for French reinsurer SCOR and its core operating subsidiaries to positive from stable, anticipating improved earnings particularly in life and health (L&H) due to portfolio actions aimed at restoring profitability [1] Group 1: Ratings and Financial Strength - Fitch has affirmed SCOR's Insurer Financial Strength (IFS) ratings at 'A+' and Long-Term Issuer Default Ratings (IDR) at 'A', reflecting SCOR's strong position in the global reinsurance sector [2] - The subsidiaries with affirmed ratings include SCOR Global Life Americas Reinsurance Company, SCOR Ireland, SCOR Canada Reinsurance, and several others [3] Group 2: Earnings Recovery and Performance - SCOR is expected to have a strong recovery in earnings in 2025, with further but milder improvements in 2026, benefiting from management actions related to reserve buffers and new business initiatives [4] - For H1'25, SCOR reported an insurance service result (ISR) of €682 million, a significant increase from €126 million in H1'24, driven by strong property and casualty (P&C) results [5] - The P&C combined ratio for H1'25 was 83.7%, improved from 87% in H1'24, aided by a lower natural catastrophe contribution [6] Group 3: Capitalization and Financial Management - SCOR's capitalization is rated 'very strong', with a Solvency II (S2) ratio of 210% at the end of H1'25, remaining stable and within the optimal range [7] - The financial leverage ratio was 20% at the end of 2024, consistent with the rating, and SCOR issued €500 million in Tier 2 subordinated notes in September 2025 [8] Group 4: Reserving and Risk Assessment - SCOR's non-life reserving is viewed as prudent and well-governed, with strengthened P&C reserves since 2023 to address rising inflation and latent exposures [8] - Fitch will continue to monitor SCOR and its subsidiaries, which may lead to potential upgrades or downgrades [9]

Group 1 - RIT Capital Partners holds $48,129,840 worth of RenaissanceRe Holdings Ltd. shares, representing 6.03% of its portfolio, making it the fund's sixth-largest holding as of the end of Q2 [1] - An analyst from Evercore ISI upgraded RenaissanceRe Holdings Ltd. from "Underperform" to "In Line" with a price target of $244 [2] - The upgrade reflects a correction in the analyst's stance, noting that the company's book value per share growth has outpaced its price-to-book de-rating since coverage initiation [3] Group 2 - The analyst expects up to 20% rate softening in the broader reinsurance sector during January renewals but believes RenaissanceRe's current valuation is consistent with weaker market conditions from 2014-2015, indicating limited downside [4] - RenaissanceRe Holdings Ltd. offers reinsurance and insurance products in the U.S. and international markets and is included in Jacob Rothschild's RIT Capital Partners' stock portfolio [5]

Hannover Rück 2025 Capital Markets Day Summary Company Overview - **Company**: Hannover Rück (OTCPK:HVRR.Y) - **Event**: 2025 Capital Markets Day - **Date**: October 09, 2025 Key Points Industry Insights - The reinsurance industry is experiencing evolving needs due to geopolitical changes, climate change, and increasing loss trends, which heightens the demand for reinsurance protection and managing uncertainty [26][24][23] - Hannover Rück emphasizes its commitment to a lean operating model and pure-play reinsurance, which differentiates it from competitors [26][15] Financial Performance and Strategy - The company has successfully delivered on its financial ambitions for 2024 and is on track to meet targets for 2025, with strong results across all profit engines: Property & Casualty (P&C), life and health, and investments [10][11] - The net income target has been continuously increased, with only two missed guidance instances in the last ten years [11][12] - A robust balance sheet has been built, ensuring earnings growth even during softer market periods [12][10] Investment Strategy - Hannover Rück maintains a stable strategic asset allocation, focusing on high-quality fixed income, which constitutes over 85% of the portfolio [33] - The average book yield is expected to increase by approximately 10 basis points in the coming years due to the current interest rate environment [35] - Hidden losses on the balance sheet have been reduced significantly, with a proactive approach to realizing these losses to enhance book yield [36] Dividend Policy - The payout ratio will be increased to around 55%, reflecting a sustainable run rate while ensuring the ability to finance growth ambitions [25][64] - Special dividends will only be considered in extraordinary circumstances, not as a regular occurrence [68] Client Relationships and Market Position - Hannover Rück has a strong focus on deepening partnerships with clients, which has been a key driver of growth over the past 5 to 10 years [27][55] - The company has increased its risk appetite in natural catastrophe (NatCat) business, aligning with strong market demand [20] Currency Management - Approximately 45% of investments are US dollar-denominated, and the company employs a clear strategy to manage currency risks, aiming to protect economic value and limit volatility [43][44] - New hedge accounting measures have been implemented to reduce IFRS accounting volatility related to currency exchange rate changes [48] Future Outlook - Hannover Rück is confident in its ability to continue growing its book of business and earnings, even in softer market cycles, supported by a strong capitalization and balance sheet [27][23] - The company plans to provide guidance for 2026 in November, indicating ongoing growth opportunities in both P&C and life and health sectors [56][66] Additional Insights - The company’s culture emphasizes empowerment, accountability, and a strong sense of purpose, which is crucial for attracting and retaining talent [12][13] - The focus on simplicity in organizational setup and processes enhances decision-making speed and client satisfaction [14][15] This summary encapsulates the key insights and strategic directions discussed during the Hannover Rück 2025 Capital Markets Day, highlighting the company's robust performance, investment strategies, and commitment to client relationships in a changing market environment.

Financial Performance and Targets - Hannover Re is on track to achieve its targets for the current strategy cycle, with an ordinary dividend exceeding the prior year, CSM growth exceeding 2%, EBIT growth exceeding 5%, Return on Equity exceeding 14%, and a solvency ratio exceeding 200%[8] - The company's SII ratio stood at 261% in 1H/2025, indicating a strong balance sheet[36] - Hannover Re's average Return on Investment (RoI) demonstrates industry-leading performance compared to its peers[11, 12] Strategic Focus and Competitive Advantages - The company emphasizes a lean operating model as a competitive advantage, reflected in a cost ratio of 32% in 2024[17, 18] - Revenue per employee in 2024 was 68 million EUR, outperforming peers[19, 20] - Hannover Re focuses on reinsurance to streamline IT infrastructure and drive automation[23] Growth and Market Position - The company's strong client relationships provide an excellent basis for further growth, with a 10-year average top-line growth of 10% and bottom-line growth of 9%[28] - In P&C, the company sees continued attractive market conditions, increased appetite for NatCat, and low exposure to pricing cycle[33] - In L&H, the company is further leveraging its strong position in Financial Solutions and Longevity[31] Investment Strategy and Currency Management - The company's resilient portfolio provides reliable and low-volatile investment returns across market cycles[46] - The fixed-income book yield is expected to benefit from higher reinvestment yields by approximately 10 bps per annum[53] - Currency risks are well managed to protect net asset value and Solvency II ratio, with a diversified currency mix in investments as of June 30, 2025, including 45% in USD and 28% in EUR[60, 62] P&C Reinsurance Insights - Diversification is key to reducing the cost of capital and earnings volatility, with a 34% diversification on main risk categories[76, 77] - The company's market share reduces from 80% to 34% in the 250-year US West Coast earthquake scenario due to retrocessions[81] - The average large-loss experience from natural catastrophes is 12% below budget[103] L&H Reinsurance Insights - Consistently positive Reinsurance Service Result (RSR) demonstrates earnings strength and stability[121, 139] - Strong Contractual Service Margin (CSM) creation will lead to future earnings growth[140] - Change in Estimates and Exp Var overcompensating LC[133]

Core Insights - TCW Relative Value Mid Cap Fund reported a return of 7.37% in Q2 2025, outperforming the Russell Midcap® Value Index which returned 5.35% [1] - The fund's performance was bolstered by a recovery in U.S. equities following a 90-day pause on certain tariffs, alongside better-than-expected corporate results and positive job reports [1] Company Analysis: RenaissanceRe Holdings Ltd. (NYSE:RNR) - RenaissanceRe Holdings Ltd. is a property & casualty reinsurer with nearly $10 billion in net written premiums for 2024 and a market capitalization of $12.037 billion as of October 2, 2025 [2][3] - The stock has shown a one-month return of 6.27% but has lost 8.56% over the past 52 weeks, closing at $255.75 per share [2] - The company has a strong track record with a compounded book value growth of 13.5% CAGR since its IPO in 1995 and a history of conservative underwriting practices [3] - The acquisition of Validus Re from AIG, which closed in late 2023, is expected to be a primary catalyst for growth, as the new parent company will re-underwrite policies to improve margins and profitability [3] - Current reinsurance premium pricing remains flat to modestly down but still offers attractive margins, with potential redundancy in reserves estimated at $12 per share, which could enhance book value over time [3]

Core Viewpoint - AM Best has revised the outlooks of Renaissance Reinsurance Ltd. and its subsidiaries to positive from stable, affirming strong financial ratings, indicating improved operating performance and favorable market conditions [1][3][4]. Group 1: Rating Changes - AM Best revised the outlook of Renaissance Reinsurance Ltd. and its subsidiaries to positive from stable for the Long-Term Issuer Credit Ratings, while affirming the Financial Strength Rating of A+ [1]. - The outlook of the Financial Strength Rating for the subsidiaries remains stable [2]. - RenaissanceRe Holdings Ltd. also received a positive outlook revision, with affirmed Long-Term ICR ratings of "a-" and A for DaVinci Reinsurance Ltd. [3]. Group 2: Financial Performance - RenaissanceRe's balance sheet strength is assessed as strongest, with adequate operating performance and a very favorable business profile [4]. - Despite elevated global catastrophes, RenaissanceRe has shown substantial improvement in operating performance, particularly in specialty and casualty lines [5][6]. - Investment returns have significantly increased due to higher yields from a relatively short-duration, fixed-income portfolio [6]. Group 3: Market Position and Risks - RenaissanceRe is well-positioned to benefit from favorable market conditions in the global reinsurance space [6]. - The growth in casualty lines may expose the company to potential reserve volatility, but it has reinsurance protection to mitigate adverse developments [6]. - The ability to attract and deploy capital during various market cycles is a key factor in assessing the overall balance sheet strength [7].