1106 GMT - Munich Re could be hedged against risks to the reinsurance market from artificial intelligence, Jefferies' Philip Kett and Derald Goh write. The German company is well diversified through its ownership of primary insurance arm ERGO Group, despite being the world's largest reinsurer, Jefferies says. Munich Re is so well diversified that it is best compared to European listed conglomerates, the analysts add. This means it is less exposed to risks from artificial intelligence reducing customer demand in the reinsurance sector. "Moreover, as the soft market for reinsurance takes hold, the group's earnings are likely to rebalance towards insurance, enhancing this view of the group as a conglomerate even more," Jefferies says. Shares are down 1.1%.