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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Swiss Re Ltd    SREN   CH0126881561

SWISS RE LTD

(SREN)
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Swiss Re : Daimler Form JV to Provide Auto Insurance

10/12/2020 | 05:06am EST

By Joshua Kirby

Swiss Re AG said Monday that it has created an auto-insurance joint venture with Daimler Insurance Services, part of auto manufacturer Daimler AG.

The Swiss reinsurer said the fifty-fifty joint venture--called Movinx--will offer fully digital automotive and mobility insurance products, and that its business model will involve making insurance an integrated part of buying a vehicle.

The company said it has received all necessary competition clearances, adding that it will be open to cooperation with other auto manufacturers and mobility-service providers.

Sebastiaan Bongers, head of mobility ventures at Swiss Re, and Andreas Roth, head of digital insurance models at Daimler Insurance Services, will lead the new company, Swiss Re said.

Movinx will be based in Berlin, and its first products and services will be launched in France in 2021, with entry into markets in Europe, the Americas and Asia planned for the coming years, it added.

"Our joint long-term ambition is to unlock an ecosystem interplay where insurance supports the introduction of new technologies such as advanced driving assistance systems and autonomous cars as well as new business models in the mobility area," said Pravina Ladva, Swiss Re's digital transformation officer.

Write to Joshua Kirby at joshua.kirby@dowjones.com

(END) Dow Jones Newswires

10-12-20 0505ET

Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER AG -0.09% 57.45 Delayed Quote.16.45%
SWISS RE LTD -0.31% 83.14 Delayed Quote.-23.24%
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Financials (USD)
Sales 2020 41 665 M - -
Net income 2020 -273 M - -
Net Debt 2020 6 230 M - -
P/E ratio 2020 -99,6x
Yield 2020 6,93%
Capitalization 25 999 M 25 974 M -
EV / Sales 2020 0,77x
EV / Sales 2021 0,75x
Nbr of Employees 15 842
Free-Float 88,1%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 92,46 $
Last Close Price 93,21 $
Spread / Highest target 22,1%
Spread / Average Target -0,80%
Spread / Lowest Target -43,0%
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Managers
NameTitle
Christian Mumenthaler Group Chief Executive Officer
Walter Bruno Kielholz Chairman
Anette Bronder Group Chief Operating Officer
Pravina Ladva Co-Chief Operations & Technology Officer
John Robert Dacey Group Chief Financial Officer
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