Munich Re
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The cost of the claim fell after carriers took Black Friday discounts into account. -
Fourth-quarter net profit exceeds forecasts, while the full-year result comes in at the mid-point of the targeted range.
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New positions have been created which Munich Re America says will allow it to better serve its clients.
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Predecessor Tom Allen resigned to join Munich Re before Christmas.
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Shilpa Strong will be based in New York and report to executive vice president Mark Callahan.
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The loss could total more than a third of new premiums generated by the market in 2018.
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Like UK bakery chain Greggs’ feted vegan sausage roll, Swiss Re’s European parametric water-level cover helps plug a gaping market chasm.
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The costliest event was the California Camp Fire, which generated $12.5bn of insured losses.
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The reinsurer says the new role will improve the risk-return profile of its group investment portfolio.
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Reinsurers hit by a heavy cat year are unlikely to see significant rate rises as retro rates increase.
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The hotel chain has $350mn of cover in place and looks set to inflict the market’s largest-ever cyber claim.
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Beggs has been leading a team to bring multiple entities together to form the new commercial specialty insurance unit.
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