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Munich Re’s HSB names Niraj Shah as CUO for UK&I
26th January 2023
HSB, a specialist engineering and technology insurer and part of Munich Re, has announced the appointment of Niraj Shah as Chief Underwriting Officer (CUO) for the UK and Ireland. He will succeed outgoing CUO Stephen Morris who is set to retire in 2023. Based in London and reporting to HSB CEO Stephen ... Read the full article
Munich Re and Unifiedpost partner on financing for German SMEs
25th January 2023
Munich Re has partnered with e-invoicing solutions provider, Unifiedpost Group, to provide invoice financing to the users of Unifiedpost’s SME platform Banqup. The strategic partnership, acting through Ireland-based Talaria One DAC, will co-create a functionality-integrated platform that allows users to get their outstanding invoices paid immediately, unlocking liquidity for SMEs. The first ... Read the full article
Dayforward raises $25m with participation from Munich Re
24th January 2023
Digital life insurance company Dayforward, has announced it has raised new capital and the acquisition of Commercial Travelers Life Insurance Company (CTLIC), an insurance carrier founded in 1883. The insurer has raised a $25m round of funding led by AXA Venture Partners, with participation from existing investors including HSCM Ventures, Juxtapose, ... Read the full article
Munich Re teams with Verisk to upscale human rights due diligence
19th January 2023
Reinsurance giant Munich Re has selected Verisk’s global risk analytics business, Verisk Maplecroft, to help it enhance human rights due diligence across the entire enterprise. By using Verisk Maplecroft’s world leading Human Rights Risk Indices, which have the ability to identify exposure to 31 civil, political and labour rights risks at ... Read the full article
Munich Re to insure Israeli startup’s fraud prevention solution
19th January 2023
Munich Re, one of the world’s largest reinsurers, has partnered with FUGU, an Israeli startup, to insure its e-commerce fraud prevention solution. The solution detects fraud attempts, resulting in minimum exposure to future chargebacks. FUGU’s self-learning algorithms collect data at various points of the transaction life cycle and allow a broader ... Read the full article
Munich Re pegs global insured nat cat losses at $120bn in 2022
10th January 2023
Global catastrophes around the world drove estimated economic losses of USD 270 billion in 2022, of which roughly 44% or USD 120 billion were covered by re/insurance, resulting in another above-average year of losses for the industry, according to figures from one of the world's largest reinsurers, Munich Re. At USD ... Read the full article
Munich Re’s MEAG & EDF Renewables NA close on two US energy projects
22nd December 2022
Munich Re’s global asset manager, MEAG, and EDF Renewables North America, have announced the closing on a strategic investment whereby a subsidiary of Munich Re acquired a 50% stake in two renewable energy projects in California, totalling 310 megawatts (MWdc) of solar and 50 MW / 200 MWh of battery ... Read the full article
Kuczinski to retire as CEO of Munich Re US P&C Companies
15th December 2022
The US branch of global reinsurer Munich Re has announced the retirement of Anthony J. Kuczinski as Chief Executive Officer (CEO) of Munich Re US P&C Companies and of Munich Re US Holding Inc. Kuczinski’s retirement will come into effect on December 31, 2022, with an agreed change in role to ... Read the full article
Munich Re names Kerner as lead of new Global Specialty Insurance board division
15th December 2022
Munich Re, one of Europe's big four reinsurance companies, has announced the formation of a new Board division designed to further expand its specialty primary insurance business as it looks to become a "powerful global player in this field". Effective January 1st, 2023, numerous primary insurance businesses of Munich Re that ... Read the full article
Munich Re raises 2023 profit guidance to €4bn under IFRS 17
15th December 2022
German reinsurance giant Munich Re is aiming for a consolidated profit of roughly €4 billion for the 2023 financial year under the new IFRS 17 reporting standard, with profit of around €3.3 billion expected in the reinsurance field of business. At the same time, the reinsurer anticipates insurance revenues, which it ... Read the full article
Munich Re to launch behavioural rating services platform
12th December 2022
Global reinsurer Munich Re and JiuGe Technology, subsidiary of mobile data and services company FingerMotion, are ready to launch their new behavioural rating services platform for commercial use. Through a proprietary behaviour intelligence system developed by "Sapientus", the analytic innovation development arm of FingerMotion, the partner companies said they will bring ... Read the full article
Munich Re and HSB team up with Schneider Electric on risk innovation
9th December 2022
Specialty insurance and technology provider HSB, a US subsidiary of Munich Re, will expand its suite of risk management technologies and financial protections through a strategic agreement with Schneider Electric. The firm said in a statement that it and Schneider Electric will distribute their respective solutions and technologies to each other’s ... Read the full article
Munich Re’s HSB names Ian Fox UK Head of Sales
8th December 2022
HSB, a specialist engineering and technology insurer and part of Munich Re, has appointed Ian Fox as UK Head of Sales. Based in Manchester, Fox will be reporting to Paul Kay, Director of Sales and Distribution. He will lead HSB’s UK team of Regional Development Managers and their Business Development teams ... Read the full article
Scot Parnell becomes Munich Re Life US new CFO
5th December 2022
Munich Re Life US, the life division of reinsurance giant Munich Re, has announced the appointment of 30-plus-year finance veteran Scot Parnell as Chief Financial Officer (CFO). Parnell will be responsible for overseeing the company’s Finance and Corporate Actuarial functions, which manages valuation, financial reporting and analysis, expense and capital management, ... Read the full article
Munich Re estimates 2022 storm losses at $110bn, of which $65bn insured
1st December 2022
Reinsurer Munich Re has estimated that, following the 2022 North Atlantic hurricane season, overall losses from all storms amounted to around US $110 billion, with insured losses in the magnitude of $65 billion. Hurricane Ian alone is expected to generate losses of $100 billion, Munich Re said, with $60 billion of ... Read the full article