Zurich Insurance: Strong Q1 Momentum Supports Higher Valuation Outlook

Zurich reported a robust start to 2026, with Property & Casualty GWP increasing 17% to $15.6 billion, and the Swiss Solvency ratio further strengthened to 265%. We continue to see upside from specialty insurance expansion, infrastructure-related underwriting growth, and strong momentum in the Life business. The Beazley acquisition should materially strengthen Zurich's specialty platform. Following the Q1 print, we revised our assumptions upward. So, we remain buyers.