Munich Re
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The carrier is consolidating its venture capital activity into asset manager MEAG. -
Munich Re is among the insurers with a stake in the German carrier.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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The carrier has hired José David Jiménez García as managing director for Germany.
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Continental composite carriers aim to smooth volatility with new initiatives.
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Being conservative and stable is the name of the reinsurer’s game.
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Stefan Golling also said Munich Re’s appetite for agg covers was unchanged.
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The insurer has been under review with positive implications since March.
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The mid-year renewals point to mounting pressure on reinsurance pricing.
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The reinsurer chair said the frequency of losses today “will prevent prices from slipping too much.
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The P&C re segment’s combined ratio improved by 12.7 points to 61.0%.
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Insured losses produced the second highest first-half tally since records began in 1980.
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Plus, the latest people moves and all the top news of the week.
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Improved book value, a healthy CoR and disciplined underwriting mark the CEO’s time at the helm.
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CFO Christoph Jurecka will succeed as management board chair.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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The $2.6bn deal provides Ergo with an entry point to the US SME market.
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Hannover Re’s CEO is lowest paid among peers, despite their pay growing 77% since 2015.
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New entrants to the line of business have heightened competition for talent.
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P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.
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Plus the latest people moves and all the top news of the week.
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The carrier’s share price dropped 3.6% on its Q1 results.
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The executive said secular heightened risk trends would fuel the carrier’s primary expansion.
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The carrier booked EUR800mn in LA losses in the P&C segment.
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Simon Horton spent 10 years at Marsh before joining AIG last year.
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It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.
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Several insurers and MGAs have launched into the class of business over the past year.
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The executive has managed both casualty and personal lines reinsurance books.
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Reinsurance made up 12% of the syndicate’s 2024 GWP.
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Plus, the latest people moves and all the top news of the week.
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Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year.
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Some of the Big Four are slowing growth as the market softens.
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Navigating its path to global specialty growth will require operational dexterity.
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Plus, the latest people moves and all the top news of the week.
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The carrier will look to grow business outside North America.
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The carrier expects the market loss to land at $35bn-$40bn.
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The carrier pegged its claims expenditure for the LA wildfires at EUR1.2bn.
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The portfolio tracker facility is led by Canopius.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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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.
