Munich Re
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It also highlighted loss deterioration on its 2015-2018 casualty books. -
The carrier announced a capital repatriation plan of EUR3.5bn.
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.
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The binder has a line size of $2mn and will enable the MGA to write international property risks in a number of international territories.
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The primary insurance subsidiary buys around EUR700mn of property cat protection from the wider market.
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Charlotte Macey started her career at CNA Hardy in 2008 and was most recently class manager for property D&F.
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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.
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The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
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Cat losses were within budgets despite high levels of minor events.
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The carrier reported EUR770mn of losses in Q3, and the Maui wildfires were the costliest event, with losses amounting to EUR200mn.
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The carrier reported major losses for the quarter of EUR770mn, a significant reduction on the EUR2.1bn reported in the same quarter last year.
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