(Corrects Reuters Instrument Code for Munich Re to
from in fifth bullet.)
** Berenberg starts coverage of 18 insurers, saying it sees
dividends as the sector's key performance drivers
** The broker adds trading through the COVID-19 crisis
confirmed investors buy insurers for dividends and showed most
investors prefer non-life insurers, mainly motor, to life
dividends
** Berenberg says that the insurance sector remains very
attractive and that the market still does not recognise this
** "We have no Sell recommendations in this note. We believe
that there is significantly more upside than downside risk for
all the insurers we cover," the broker adds
** Berenberg's top picks are Munich Re in
reinsurance, Allianz among large caps, Hastings in UK
motor, Tryg in Nordic non-life, M&G in UK life, and
Aegon among European midcaps, all rated "buy"
** The broker starts with "buy" Direct Line, M&G
, Scor, Swiss Life, and Swiss Re
** Berenberg initiates with "hold" Admiral, Ageas
, Aviva, Gjensidige, Hannover Re
, Legal & General, NN Group, Sabre
Insurance, and Topdanmark