Munich Re
-
Proceeds from the sale will be used to fund sustainable development projects.
-
Munich Re said it saw no reason to lower its expectations.
-
The carrier announced a capital repatriation plan of EUR3.5bn.
-
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.
-
The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
-
Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.
-
AM Best said market hardening was likely to continue through 2024, given global market conditions.
-
Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
-
The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
-
Flooding in Italy during the second quarter cost the German reinsurer around EUR200mn.
-
The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
-
The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets.
-
The deal priced 50 basis points below guidance.
-
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.
-
The reinsurer is now hoping to raise $200mn of Class A principal-at-risk variable-rate notes priced at 800bps.
-
The reinsurer is seeking indemnity per occurrence for named storms across the US, Washington DC and Puerto Rico.
-
Overall the group’s net result is likely to exceed consensus at EUR1.3bn.
-
The executive will stand for election at RenRe’s AGM in May.
-
The reinsurer’s retro programme was renewed at a smaller size for 2023.
-
The reinsurer reported risk-adjusted prices up 2.3% based on conservative inflation and other assumptions.
-
The sidecar has stepped down in size over the past three years.
-
The full size of the sidecar for 2023 will be known when Class B notes are issued in January.
-
The carrier is predicting its insurance revenues to reach around EUR58bn, while ROI will be at least 2.2%.
-
The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
-
The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
-
The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
-
Thomas Blunck has been appointed to succeed Torsten Jeworrek as chair of the board of management’s reinsurance committee, effective 1 January 2023.
-
The reinsurer is working to find the right inflation indicators for individual client portfolios.
-
The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.
-
The price for risk carrying is no longer insufficient, Munich Re's CEO said in a Monte Carlo briefing.
-
The carrier said pricing on property quota share, particularly in the US, was not keeping pace with inflation.
-
US severe thunderstorms caused insured losses of $17bn during the first half.
-
The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
-
The segment’s lustre has been dulled by losses and capital trapping.
-
The unit recorded EUR100mn in Ukraine losses on specialty lines during the quarter, while the group suffered a heavy investment impact from the war.
-
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.
-
Munich Re’s P&C re unit reported a Q4 consolidated result of EUR648mn ($735mn), a sixfold increase year on year, as the carrier announced 14.5% premium growth at the 1.1 renewals.
-
The total has come in 19% below the $235mn vehicle listed in 2021.
-
The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.
-
The reinsurer typically renews the deal in two parts each year.
-
Munich Re CFO Christoph Jurecka reaffirmed the carrier’s commitment to cat business and revealed an expectation of further price increases in 2022.
-
The reinsurer revised its full-year P&C CoR to 100% after third-quarter storms.
-
Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
-
The sale represents a 4% stake in the UK motor insurer, according to Jefferies.
-
The preliminary result was achieved despite EUR600mn losses from Bernd damages, as well as EUR1.2bn losses from Hurricane Ida.
-
The carrier also cited increasing continental cyber losses as a factor in continued market hardening.
-
The reinsurer said European property reinsurance rates may "catch up" with global rates in the wake of the disaster.
-
The carrier benefited from a shrinking of large losses and strong investment returns.
Most Recent
-
ILS Advisers index gains 0.85% in March
03 May 2024 -
Perils ups Storm Ciaran estimate to EUR2.04bn
03 May 2024