Munich Re

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 January renewals.

The carrier proposes to increase the dividend by EUR1.20 on last year’s payment.

Dual’s crisis management team joined from Swiss Re in July 2021.

The former Marsh broker was initially slated to join Lockton Re’s cyber reinsurance practice.

It is understood that Ascent is currently in negotiations with a number of new potential lead markets.

The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.

Swiss Re, Munich Re, Hannover Re and Scor have set out divergent strategies on cat as volatility increases and the retro market seizes up.

Executives said they were surprised that underwriters had staged more of a return than brokers.

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.