Munich Re
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Proceeds from the sale will be used to fund sustainable development projects.
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Munich Re said it saw no reason to lower its expectations.
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The carrier announced a capital repatriation plan of EUR3.5bn.
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Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.
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The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
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Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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Flooding in Italy during the second quarter cost the German reinsurer around EUR200mn.
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The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
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The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets.
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The deal priced 50 basis points below guidance.
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Earlier this week, Munich Re doubled the target size of its Queen Street 2023 Re DAC cat bond to $200mn, after initially seeking to raise $100mn.
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The reinsurer is now hoping to raise $200mn of Class A principal-at-risk variable-rate notes priced at 800bps.
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The reinsurer is seeking indemnity per occurrence for named storms across the US, Washington DC and Puerto Rico.
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Overall the group’s net result is likely to exceed consensus at EUR1.3bn.
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The executive will stand for election at RenRe’s AGM in May.
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The reinsurer’s retro programme was renewed at a smaller size for 2023.
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The reinsurer reported risk-adjusted prices up 2.3% based on conservative inflation and other assumptions.
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The sidecar has stepped down in size over the past three years.
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The full size of the sidecar for 2023 will be known when Class B notes are issued in January.
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The carrier is predicting its insurance revenues to reach around EUR58bn, while ROI will be at least 2.2%.
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The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
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The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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Thomas Blunck has been appointed to succeed Torsten Jeworrek as chair of the board of management’s reinsurance committee, effective 1 January 2023.
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The reinsurer is working to find the right inflation indicators for individual client portfolios.
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The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.
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The price for risk carrying is no longer insufficient, Munich Re's CEO said in a Monte Carlo briefing.
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The carrier said pricing on property quota share, particularly in the US, was not keeping pace with inflation.
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US severe thunderstorms caused insured losses of $17bn during the first half.
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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
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The segment’s lustre has been dulled by losses and capital trapping.
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The unit recorded EUR100mn in Ukraine losses on specialty lines during the quarter, while the group suffered a heavy investment impact from the war.
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The reinsurer said nat-cat business is one of its most profitable lines but emphasised that it will also chase growth in life and health and Ergo to reduce long-term volatility.
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