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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
AI must be integrated into underwriting and claims processes: Munich Re’s Greene
6th March 2023
As artificial intelligence (AI) and machine learning technology continues to grow and expand within the industry, Patrick Greene, Vice President of Data at Munich Re Automation Solutions suggests that, eventually, AI must be “fully integrated” into the underwriting and claims process. “Those that have invested in state-of-the-art underwriting rules engines are ... Read the full article
Munich Re & WTW ally with DAS Solar on PV Module Warranty Insurance
6th March 2023
Munich Re Green Tech Solutions Team and WTW's Power and New Energy Team have partnered with DAS Solar on PV (Photovoltaic) Module Warranty Insurance. DAS Solar states that as a reinsurance market leader, Munich Re's policy acts as a strong backbone to its PV module and further enhances the credibility of ... Read the full article
Munich Re Syndicate extends partnership with FloodFlash
2nd March 2023
Munich Re Syndicate has announced a new capacity agreement with FloodFlash. This agreement further extends an existing carrier partnership between the two firms that began with FloodFlash’s UK book of business in 2020. The announcement of this agreement comes during a period where natural catastrophe re/insurance capacity is particularly distressed, nowhere more ... Read the full article
Munich Re Automation Solutions’ SPARK adopted by Thai Life Insurance
27th February 2023
Munich Re Automation Solutions has announced that Thai Life Insurance has selected its cloud-based automated underwriting solution, ALLFINANZ SPARK to streamline the process of its life insurance applications. Munich Re Automation Solutions describes ALLFINANZ SPARK as a SaaS-based automated underwriting and analytics service that clients can implement easily into their current ... Read the full article
Jan renewals showed Munich Re is “clearly” the preferred reinsurer: Wenning
24th February 2023
Joachim Wenning, Chair of the Board of Management at Munich Re, has suggested that the January renewals showed that the firm is "clearly" the preferred reinsurer, citing reliability as an attribute that its clients appreciated. In an address covering the firm's 2022 results, Wenning noted that Munich Re's risk appetite ... Read the full article
Munich Re downsizes retro program for 2023
23rd February 2023
Munich Re has disclosed details of its retrocession program for 2023, showing that it shrunk its coverage somewhat amid the capacity squeeze of the January renewals. The reinsurer cited “a very challenging market environment” at 1/1 but said that its retro placement nevertheless remained “robust”. Details of the program were released alongside ... Read the full article
Munich Re exceeds profit guidance in 2022 as premiums swell
23rd February 2023
German reinsurer Munich Re has exceeded its profit guidance for 2022 with a result of €3.4 billion, as the reinsurance division performed well despite the impacts of large losses and the war in Ukraine. Group-wide, profit increased from more than €2.9 billion in 2021 to just over €3.4 billion, beating the ... Read the full article
2023 global economy to be shaped by high inflation and geopolitics: Munich Re
8th February 2023
High inflation and low growth are expected to mark the global economy in 2023. However, it will cope better than initially expected with the consequences of the war in Ukraine, sharp price increases and higher interest rates, according to Munich Re’s Economic Outlook for 2023. Chief Economist Michael Menhart commented: “The ... Read the full article
Munich Re and CloudCover announce partnership
31st January 2023
CloudCover, an AI-generative cybersecurity threat prevention platform, has announced the inclusion of the $1m Ransomware Warranty backed and insured by reinsurance giant, Munich Re. With ransomware attacks on the rise, including high-profile breaches in energy infrastructure, finance, and healthcare, offerings like the Ransomware Warranty have never been more necessary, CloudCover highlighted. CEO ... Read the full article
Chaucer partners with Kita, Munich Re & RenRe to provide capacity
27th January 2023
Global specialty re/insurance group, Chaucer has announced its partnership with Kita, a carbon credit insurance specialist, to insure the delivery risk of carbon sequestration projects. The group is not only investing in Kita, but will also be providing lead underwriting capacity; follow capacity will be provided by Munich Re Syndicate and ... Read the full article