munich re

Munich Re reported a significant increase in its property and casualty reinsurance result, as a much lower combined ratio thanks to lower major losses, including natural catastrophes, flowed to the bottom line, which is a trend seen across major reinsurers and certain to continue the capital build-up in the sector.

Global reinsurer Munich Re shrank its property and casualty (P&C) reinsurance book by 1.9% at the July reinsurance renewals as it chose to discontinue select business, although prices were up overall and sufficient to offset higher loss expectations from inflation and other developing trends.

After a first-quarter and April reinsurance renewals of growth, global player Munich Re now says the chance it surpasses its full-year guidance for 2023 has increased.

Global reinsurer Munich Re has collaborated with parametric insurance platform, Raincoat and Cloud to Street (C2S), a climate adaptation technology firm, on the delivery of a country-level flood parametric program for smallholder farmers across Colombia.

Reinsurance giant Munich Re has reported a “financially manageable” hit of around EUR 800 million to its first-quarter 2020 results, from losses caused by the Covid-19 pandemic.

Reinsurance giant Munich Re said this morning that it expects a strong third-quarter result and to beat its full-year forecast, despite the impact of a “high major loss expenditure.”

Munich Re has promoted Steven Chang to the role of Chief Executive, Greater China, which will see him lead the reinsurance giant’s non-life business and operations across mainland China, Taiwan, Hong Kong and Macau.

Reinsurance giant Munich Re has increased the size of its Eden Re II Ltd. fully collateralised sidecar vehicle to $300 million for 2019, the same amount of capital markets backed retrocessional reinsurance support the reinsurer received through the sidecar vehicle last year.

German reinsurance giant Munich Re has completed its first placement of collateralised reinsurance sidecar notes for 2019, with the sponsorship and placement of an almost $86.8 million tranche of Series 2019-1 participating notes from its Eden Re II Ltd. sidecar vehicle.

Global reinsurance giant Munich Re is to simplify its operations in the Lloyd’s of London market by selling its MSP Underwriting business which operates through Beaufort Underwriting Agency Limited and underwrites for Lloyd’s Syndicate 318, to U.S. re/insurer Cincinnati Financial Corporation.