Goldman Sachs has initiated coverage on Hannover Re and Scor with "buy" ratings, highlighting their strong positions in the evolving reinsurance market. Hannover Re is noted for its stability and earnings visibility, with a 12-month price target of €312, while Scor is seen as having significant valuation upside, targeted at €34.5, following recent restructuring efforts. The brokerage emphasizes selective opportunities for outperformance in the reinsurance sector, despite entering a post-peak phase of the property and casualty margin cycle.