Munich Re
-
Hitesh Kotak has been appointed CEO for Japan, India, Korea and South East Asia.
-
The syndicate posted a combined ratio of 84.6% and GWP of more than £1.2bn.
-
Last summer’s hail loss has crept significantly for many Italian cedants.
-
The carrier is partnering with Munich Re Syndicate and Tokio Marine HCC.
-
Hard-won profitability has given carriers room to salt away reserves.
-
Opportunities for profitable growth remain in 2024, the agency said.
-
It also highlighted loss deterioration on its 2015-2018 casualty books.
-
The carrier announced a capital repatriation plan of EUR3.5bn.
-
The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
-
The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.
-
The binder has a line size of $2mn and will enable the MGA to write international property risks in a number of international territories.
-
The primary insurance subsidiary buys around EUR700mn of property cat protection from the wider market.
-
Charlotte Macey started her career at CNA Hardy in 2008 and was most recently class manager for property D&F.
-
CFO Christoph Jurecka said losses for 2023 were in line with its expectations, but he added that the events producing the losses differed from those of years previous.
-
The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
-
Cat losses were within budgets despite high levels of minor events.
-
The carrier reported EUR770mn of losses in Q3, and the Maui wildfires were the costliest event, with losses amounting to EUR200mn.
-
The carrier reported major losses for the quarter of EUR770mn, a significant reduction on the EUR2.1bn reported in the same quarter last year.
-
The carrier has raised its projection for the year to EUR4.5bn, up from EUR4bn.
-
Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.
-
The incoming president succeeds Christian Lay, CEO at Marsh McLennan UK.
-
Our virtual roundtable polled industry leaders on critical questions for the reinsurance market. Today, we explore how the industry can collaborate on net-zero objectives after insurers exited the Net-Zero Insurance Alliance (NZIA) in droves.
-
Executives said the cyber market would be “dead” if it does not control accumulations.
-
AM Best said market hardening was likely to continue through 2024, given global market conditions.
-
The ratings agency believes Munich Re will defend its “excellent” competitive position and conservative capital management over the next two years
-
Swiss, Munich, Hannover and Scor all delivered optimistic messages on pricing for next year.
-
The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
-
Flooding in Italy during the second quarter cost the German reinsurer around EUR200mn.
-
The carrier announced the launch of the green solutions portfolio in May as it looks to become a market leader for sustainable risks.
-
Lucas Beckmann has spent just over 15 years at Munich Re in several senior roles.
-
The quota share cyber reinsurance market is finely poised, with good appetite for strong cyber writers, but reinsurers are cautious of new writers or fronted MGAs.
-
After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.
-
The executive first joined the group via Munich Reinsurance America.
-
The ongoing debate raging in London on the nuances of cyber war wordings threatens to wreak more reputational damage on the industry if a consensus is not found.
-
Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.
-
A memo from the reinsurer raises concerns for cyber insurers over whether they could face a coverage gap after renewals.
Most Recent
-
HDI elevates Hensel to CUO
18 April 2024 -
Chief insurance officer Spencer exits Parsyl
18 April 2024