UBS double upgrades Swiss Re on addition to US liability reserves
** UBS double upgrades Swiss Re SRENH.S to "buy" from "sell" as it expects the reinsurance company to re-rate after itincreased its U.S. liability reserves by $2.4 billion last week
** With this reserve addition, the broker sees materially greater confidence and also higher 2025 earnings and a path to a sustainable buyback
** UBS says Swiss Re's U.S. liability reserves are now sufficient, after the company made a total of about $8.5 billion over six years
** The broker expects the company to introduce share buybacks, and models$1 billion buyback per year from FY 2025
** UBS says it now prefers Swiss Re over Munich Re MUVGn.DE among reinsurers; hikes its PT by 28% to 136 Swiss francs
** Out of 20 analysts that cover Swiss Re, six rate the stock "strong buy" or "buy", 11 rate it "hold" and three rate it "strong sell" or "sell"
Reporting by Tiago Brandao
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