Munich Re
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The ratings agency said Munich Re demonstrated its ability to optimise its market-leading position. -
Combined ratios improved all around thanks to better pricing and a benign cat quarter.
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The carrier has ambitious growth plans for its rebranded Munich Re Specialty segment.
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CFO Christoph Jurecka declined to give a loss estimate for the Baltimore Bridge loss.
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The carrier reported a P&C re net result up 44% to EUR1.8bn.
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The carrier’s Q1 P&C re combined ratio is around 75%.
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Hitesh Kotak has been appointed CEO for Japan, India, Korea and South East Asia.
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The syndicate posted a combined ratio of 84.6% and GWP of more than £1.2bn.
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Last summer’s hail loss has crept significantly for many Italian cedants.
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The carrier is partnering with Munich Re Syndicate and Tokio Marine HCC.
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Hard-won profitability has given carriers room to salt away reserves.
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Opportunities for profitable growth remain in 2024, the agency said.
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