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Munich Re going as far as possible when it comes to catastrophe exposure: CFO Jurecka
17th May 2023
German reinsurance giant Munich Re achieved significant growth in its natural catastrophe book at increased prices at the April 1st, 2023, reinsurance renewals, with Christoph Jurecka, Chief Financial Officer (CFO), stating that the company will go as far as it can in this line of business amid hard market conditions. Read the full article
Munich Re’s Q1 2023 profit dips to €1.3bn as nat cats drive above-average losses
17th May 2023
Global reinsurer Munich Re has reported a net result of approximately €1.3 billion for the first quarter of 2023, down on the previous year (€1.5bn) as natural catastrophe events resulted in above-average losses for the firm, driven by the Turkey and Syria earthquake. Group-wide, insurance revenue from insurance contracts issued increased ... Read the full article
Munich Re’s Wenning praises firm’s portfolio diversification
9th May 2023
The reason that Munich Re has been able to perform well despite losses that are attributable to the war in Ukraine, ongoing inflation, and high market losses due to natural disasters, was portfolio diversification, according to Joachim Wenning, the Chair of the Board of Management. At the recent annual general meeting, ... Read the full article
Munich Re Specialty Group launches Green Solutions portfolio to support net-zero ambitions of clients
3rd May 2023
Munich Re Specialty Group, a division of reinsurance giant Munich Re, has launched Green Solutions, a range of insurance products and services designed to support the net-zero ambitions of its customers. The portfolio has been created to establish the group as a leading provider of commercial specialty and primary green insurance ... Read the full article
Munich Re warns of increasing cyber risk accelerated by AI, IoT, geopolitical conflict
2nd May 2023
Munich Re has warned that future cyberattacks will be accelerated by key technology trends such as artificial intelligence (AI), the "metaverse," and expanding IT, Internet of Things (IoT), and operational technology (OT) worlds. While these technologies offer great opportunities for society, businesses, and governments, they also create new attack surfaces, vulnerabilities, ... Read the full article
Munich Re achieves P&C reinsurance CR of 86.5% despite higher than expected major losses
28th April 2023
German reinsurance giant Munich Re has announced a property and casualty (P&C) reinsurance combined ratio of roughly 86.5% for the first quarter of 2023, despite major losses from natural catastrophe events trending higher than expected. A P&C reinsurance combined ratio of 86.5% for the quarter is only slightly higher than the ... Read the full article
Munich Re launches ‘innovative’ coverage for AI solutions
28th April 2023
Munich Re has launched aiSelf™, an "innovative" coverage for users who implement self-developed Artificial Intelligence (AI) solutions in their own companies. "This new cover enables you to mitigate the underperformance, unreliability and drift of machine learning models," Munich Re said. Munich Re provides insurance coverage to protect companies from potential financial losses ... Read the full article
RiskPoint Group partners with Munich Re to improve coverage for offshore wind industry
26th April 2023
RiskPoint Group's Renewable Energy team has partnered with Munich Re's Greentech Solutions Team to enhance coverage for offshore wind contractors, manufacturers, and suppliers. This partnership will bring together the global distribution and technical proficiency of RiskPoint with Munich Re's financial strength, due diligence capabilities, and product design expertise, resulting in a ... Read the full article
Munich Re Specialty Insurance makes Hart permanent CEO
19th April 2023
Munich Re Specialty Insurance (MRSI), a division of German reinsurance giant Munich Re, has named Sabrina Hart as President and CEO, effective May 1. Hart, who served as interim CEO since January 2023, will report to former CEO Michael Kerner and will also serve as a member of the Global Specialty ... Read the full article
Munich Re Ventures invests in digital marketplace Capitola
17th April 2023
Capitola, a digital marketplace for commercial insurance, has raised $15.6 million in its Series A funding round led by Munich Re Ventures, along with Lightspeed Venture Partners. Capitola states that the funding will be used to grow its platform and accelerate sales in the U.S. This round adds to a $5M Series ... Read the full article
Munich Re Specialty expands its E&S Lawyers Professional Liability solution
11th April 2023
Munich Re Specialty Insurance (MRSI) has expanded its E&S Lawyers Professional Liability (LPL) solution to include primary and excess coverage for firms with 11 or more attorneys, as well as firms with an Intellectual Property practice. Marcia Blanco, Head of Financial Lines, Excess & Surplus Underwriting, MRSI, commented, “More than half ... Read the full article
Zurich joins Munich Re in withdrawing from Net-Zero Insurance Alliance
5th April 2023
Zurich, a global multi-line insurance company, has confirmed its withdrawal from the Net-Zero Insurance Alliance (NZIA), citing a desire to focus its resources to support its customers with their transition. The NZIA is a group of 30 insurers and reinsurers representing around 15% of world premium volume globally. The aim is ... Read the full article
Munich Re quits Net-Zero Insurance Alliance
31st March 2023
Global reinsurer Munich Re has announced the discontinuation of its membership in the Net-Zero Insurance Alliance (NZIA), citing antitrust risks as limiting the scope of its decarbonisation goals. The UN-convened NZIA is a group of 30 insurers and reinsurers representing approximately 15% of world premium volume globally, who together aim to ... Read the full article
RenaissanceRe to add former Munich Re exec Jeworrek as Director
24th March 2023
Bermuda headquartered RenaissanceRe’s Board of Directors has nominated former Munich Re executive Torsten Jeworrek to stand for election as an Independent Director. If elected, he will be appointed to the Investment and Risk Management Committee, and the Investment and Risk Management Committee will consist of Mr. Gray (Chair), Mr. Hennes and ... Read the full article
Munich Re and PSG announce new risk assessment solution
23rd March 2023
Munich Re Life US and insurtech Paperless Solutions Group (PSG) have announced a new combined risk assessment and e-application solution, that allows life insurance carriers to underwrite new policies faster and with greater accuracy. The solution combines the risk assessment and instant decisioning power of Munich Re’s alitheia with the seamless ... Read the full article