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CINF

Cincinnati Financial

$72.97

-3.28 (-4.30%)

, MURGY

Munich Re

$0.00

(0.00%)

07:05
10/12/18
10/12
07:05
10/12/18
07:05

Cincinnati Financial to acquire MSP Underwriting from Munich Re for GBP 102M

Cincinnati Financial (CINF) announced that it has signed a definitive agreement to acquire MSP Underwriting Limited, a global specialty underwriter and Munich Re (MURGY) subsidiary, in an all-cash transaction for GBP 102M, based on MSP Underwriting's projected net asset value at closing. The transaction has been approved by Cincinnati's board of directors and is expected to close in the first quarter of 2019, pending regulatory approvals and other customary closing conditions. As a wholly owned subsidiary of Cincinnati Financial, MSP Underwriting will continue to operate under its own brand and with its existing leadership team. Cincinnati expects the acquisition to generate an attractive return over time. The impact of the acquisition on Cincinnati's consolidated 2019 and 2020 financial results will depend on a variety of factors, including timing of the close, valuation of intangible assets and transaction costs. Based on current assumptions, the company expects the acquisition to be accretive to 2019 net income.

CINF

Cincinnati Financial

$72.97

-3.28 (-4.30%)

MURGY

Munich Re

$0.00

(0.00%)

  • 26

    Oct

CINF Cincinnati Financial
$72.97

-3.28 (-4.30%)

08/07/18
FBCO
08/07/18
INITIATION
Target $70
FBCO
Underperform
Cincinnati Financial initiated with an Underperform at Credit Suisse
Credit Suisse analyst Michael Zaremski started Cincinnati Financial with an Underperform rating and $70 price target. While the analyst is confident the company's long-term growth prospects are superior to publicly traded peers, he feels that near-term reserve release levels will disappoint owing to a combination of meaningfully less workers' comp. exposure versus peers, diminishing benefits from moving to new reserving models in the E&S segment; and continued commercial auto headwinds.
MURGY Munich Re
$0.00

(0.00%)

07/05/18
07/05/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Munich Re (MURGY) downgraded to Neutral from Overweight at JPMorgan. 2. Domino's Pizza Enterprises (DPZUF) downgraded to Sell from Neutral at Citi. 3. NextEra Energy downgraded to Market Perform from Outperform at Raymond James with analyst Pavel Molchanov saying NextEra's 3.6% yield is the lowest among yieldcos and he recommends waiting for a better entry point. 4. Clean Energy (CLNE) downgraded to Underperform from Market Perform at Raymond James with analyst Pavel Molchanov saying he believes shares reflect "excessive euphoria" over the partnership with Total (TOT). 5. Fresenius Medical (FMS) downgraded to Neutral from Outperform at Credit Suisse. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/04/18
JPMS
07/04/18
DOWNGRADE
JPMS
Neutral
Munich Re downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Michael Huttner downgraded Munich Re to Neutral and lowered his price target for the shares to EUR 218 from EUR 225.
05/29/18
UBSW
05/29/18
DOWNGRADE
UBSW
Sell
Munich Re downgraded to Sell from Neutral at UBS
03/19/18
JPMS
03/19/18
UPGRADE
JPMS
Overweight
Munich Re upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Michael Huttner upgraded Munich Re to Overweight.

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DPZ

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