Munich Re
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Hurricane Milton resulted in the largest insured loss of the year at $25bn. -
Christa Schwimmer has joined the leadership team alongside Stefan Golling.
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The P&C re unit will aim for a 79% combined ratio next year.
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The carrier attributed the intensification of storms this season to climate change.
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The underwriter has spent his career so far with Talbot.
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The carrier said it expected its Milton losses to fall below its EUR500mn ($537mn) Helene loss.
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Major-loss expenditure doubled to EUR1.6bn for the quarter
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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The reinsurer said three Canadian loss events in the quarter will lead to similar claim expenditure as Hurricane Helene.
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The new product adds to its existing portfolio of upstream energy and marine and energy liability business.
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The carrier is looking to grow its specialty offering across Europe and APAC.
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