Munich Re
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Highlander has $300mn of insurance coverage, placed by Ed Broking and led by Munich Re Syndicate. -
The reinsurer’s retro programme was renewed at a smaller size for 2023.
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The P&C segment also booked 2.3% risk-adjusted price increases at the 1 January renewal.
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The shares will be bought back for a maximum total value of EUR1bn, following a proposed dividend announced by the firm for voting at its AGM.
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Michael Kerner, who joined Munich Re in 2018, has been appointed to lead the operation.
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The carrier is predicting its insurance revenues to reach around EUR58bn, while ROI will be at least 2.2%.
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The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
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Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.
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Personnel movement in the contingency market has been elevated following Covid-19 upheaval.
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The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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Thomas Blunck has been appointed to succeed Torsten Jeworrek as chair of the board of management’s reinsurance committee, effective 1 January 2023.
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