Leo Re Ltd

Munich Re has demonstrated the power of a large diversified reinsurance and insurance group in beating its profit target for 2025, while showing its desire to retain more of the economics of its re/insurance business by slashing its retrocession arrangements and scrapping its collateralized reinsurance sidecar programme.

There has been a notable increase in the target investment allocation range for reinsurer SCOR’s sidecar vehicle Concordia Re, in the insurance-linked securities (ILS) portfolio managed by PGGM, the Dutch pension fund investment manager, on behalf of its end-client Dutch pension PFZW.

We’ve reported before that the giant insurance-linked securities (ILS) portfolio managed by PGGM, the Dutch pension fund investment manager, on behalf of its end-client Dutch pension PFZW, had delivered a 15.1% net of costs return for calendar year 2024, on a Euro hedged basis.

The target allocation range has been reduced for an investment into a Munich Re reinsurance sidecar that features in the insurance-linked securities (ILS) portfolio managed by PGGM, the Dutch pension fund investment manager, on behalf of its end-client Dutch pension PFZW.

Munich Re has renewed its retrocessional reinsurance program arrangements to provide $1.55 billion in protection for 2025, utilising both traditional retro and capital markets through its sidecars and catastrophe bonds at a stable level with the prior year.

The insurance-linked securities (ILS) and reinsurance investments portfolio of Dutch pension PFZW, which is managed by pension investment firm PGGM, delivered a 15.1% return for full-year 2024, while in asset terms the allocation was a little down year-on-year but flat through the fourth-quarter.

Having begun its Eden Re II Ltd. collateralized reinsurance sidecar placements with the largest Class A tranche of notes since 2019, global reinsurer Munich Re has now added the usual Class B issuance, but this tranche has been placed at just $85.5 million, which is the smallest size for that layer since right back in […]

Munich Re has been back in the capital markets to secure quota share based retrocession and to start the 2025 sidecar arrangement for the reinsurer, its Eden Re II Ltd. collateralized reinsurance vehicle has issued $64.5 million of Series 2025-1 Class A notes, which is the largest Class A tranche from the structure since 2019, […]

Munich Re’s collateralised reinsurance sidecar structures grew to $650 million in 2024, as the company elevated its use of retrocession, aligned with its growth in natural catastrophe exposure from its underwriting.

The broadly diversified portfolio of insurance-linked securities (ILS) and reinsurance investments managed by pension investment firm PGGM on behalf of end-client the Dutch pension PFZW, delivered a 5.8% return for the third-quarter, lifting year-to-date returns to 11.7%.