Munich Re
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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.
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The executive first joined the group via Munich Reinsurance America.
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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.
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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.
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A memo from the reinsurer raises concerns for cyber insurers over whether they could face a coverage gap after renewals.
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The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets.
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The result was impacted partly by EUR600mn of losses caused by the earthquake in Turkey in February.
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The news follows months of speculation in the energy market about James Grainger’s plans after his resignation from Munich Re.
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The executive said surging demand for coverage would address the supply-demand mismatch in the renewables space.
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The business is looking to become a lead presence in green risks in London, following Syndicate 457’s exit from oil and gas business.
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Overall the group’s net result is likely to exceed consensus at EUR1.3bn.
