Berenberg announced on Wednesday that it had lowered its recommendation on Zurich Insurance shares from "buy" to "hold", with the price target maintained at CHF 508.9.

In a research note, the intermediary said it wanted to take a "break" and catch its "breath", as the stock has generated average annual growth in total shareholder return of 17% in dollar terms over the last five years, well ahead of its European peers.

However, the analyst is well aware that the turnaround of the US subsidiary Farmers should help limit Zurich's risk profile.

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