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Reinsurance News

Munich Re

Q2 result expected to keep Munich Re on track for 2017 profit ambition: J.P. Morgan

21st July 2017

Munich Re is expected to record increased first-half 2017 profits of roughly €1.45 billion (US$1.67 billion) driven by a strong Q2, which suggests the reinsurer is on track to meet its full-year 2017 €2 billion - €2.4 billion (US$2.31 billion - US$2.66 billion) net profit ambition, according to analysis from J.P. ... Read the full article

Munich Re first foreign reinsurer to announce Iran deal after removal of sanctions

20th July 2017

Iran's Saman Insurance has become the first Iranian insurer to purchase life reinsurance from a foreign firm following the removal of international sanctions in 2016, after signing a deal with Munich Re to reinsure risks in life insurance and capital formation categories, the Financial Tribune reported. Ahmadreza Zarrabieh, Chief Executive Officer (CEO) ... Read the full article

U.S. thunderstorms lead mid-year catastrophe losses: Munich Re

19th July 2017

2017 severe weather event related insurance and reinsurance losses have been largely dominated by a series of severe U.S. hailstorms and tornadoes which each incurred costs in the billions, although overall, global catastrophe losses have been well below the ten-year average, Munich Re said in its natural catastrophe review for January to ... Read the full article

Munich Re focusing on continuity over potential increases, says Deutsche Bank

14th July 2017

Munich Re Chief Executive Officer (CEO), Joachim Wenning, recently explained how the reinsurer's strategy remains unchanged with a push for growth sending the wrong signals that would ultimately result in the wrong results, with continuity seemingly being the firm's focus in the current market environment, reports Deutsche Bank analysts. Deutsche Bank recently met ... Read the full article

National General enters into auto & homeowners quota shares with panel of reinsurers

13th July 2017

National General Holdings Corp. has entered into individual two-year quota share reinsurance arrangements with a number of reinsurers, including Hannover Re, Munich Re and Everest Re, covering its auto and homeowners business lines. The first two-year quota share reinsurance agreement concerns National General's auto business, the Auto Quota Share Agreement, and sees the ... Read the full article

Protector estimates £50mn Grenfell Tower loss, reinsurers to pay bulk

7th July 2017

Protector Forsikring ASA of Norway, the insurer of the Grenfell Tower block in London’s Royal Borough of Kensington and Chelsea, has estimated that the tragic fire that occurred at the apartment block will cost an estimated £50 million (US$64.4mn), with the majority being assumed by the reinsurance industry. According to Protector's Q2 2017 ... Read the full article

Munich Re launches customised drone insurance cover

6th July 2017

Munich Re America, a division of reinsurance giant Munich Re, has launched a new commercial drone insurance product offering a customised liability solution for small to medium-sized clients of insurers. The new product comes in response to increased opportunities for drone use in the U.S. after Federal Aviation Agency (FAA) Rule ... Read the full article

Munich Re names two new Executive Vice Presidents

5th July 2017

Munich Re U.S. Life has announced Marc-André Giguère's promotion to Executive Vice President (EVP) of Reinsurance, and Micheal Taht as newly promoted EVP of Research Analytics and Underwriting. Prior to joining Munich Re in 2015, Giguère worked in the U.S. for 20 years with Ernst & Young and Towers Perrin. Michael DeKoning, President ... Read the full article

Munich Re names ex-Allianz Chairman Zimmerer to supervisory board

5th July 2017

Global reinsurance firm Munich Re has appointed Maximilian Zimmerer, previously the Chairman of the Allianz board, to the Supervisory Board of Munich Re with effect from 4th July 2017. Zimmerer succeeds Peter Gruss, who resigned his seat on the Supervisory Board as of 30th June 2017, having been a Board member ... Read the full article

Munich Re Specialty Group names Celine Ang Head of Asia

3rd July 2017

Munich Re Specialty Group, a division of reinsurance giant Munich Re, has appointed Celine Ang as Head of Asia, effective August 1st, 2017. Ang will be based in the firm's Singapore office, and will take on responsibility for Munich Re' syndicate offices throughout the region. She joins Munich Re Specialty Group from Euler Hermes, ... Read the full article

Reinsurance industry helps World Bank secure $500m pandemic facility backing

29th June 2017

The global reinsurance industry has collaborated with and assisted the World Bank's launch of specialist bonds to support the $500 million Pandemic Emergency Financing Facility (PEF), which is designed to rapidly disburse funds to eligible countries facing a major disease outbreak. In response to the high financial, social and economic loss driven ... Read the full article

Munich Re partners with Community Association Underwriters of America

28th June 2017

Reinsurance giant Munich Re is partnering through its U.S. Specialty Markets branch with the Community Association Underwriters of America (CAU), a managing general agency and division of Alliant Specialty Insurance Services. From July, Munich Re's US-affiliated carriers will insure CAU’s existing business and also offer its client base a number of ... Read the full article

Munich Re names Jinzenji CEO Japan, as branch expands to non-life

27th June 2017

Global reinsurance firm Munich Re's Japan operations officially become a composite branch of July 1st 2017, and the reinsurer is expanding its offerings from the branch to include non-life products, as well as life, while Brian Jinzenji has been named CEO. Jinzenji officially becomes Chief Executive Officer and Representative of the ... Read the full article

Munich Re backed carrier ONE acquired by InsurTech wefox

26th June 2017

A digital insurance carrier backed and reinsured by global player Munich Re is to be integrated into InsurTech start-up wefox's platform as an innovation partner from September 2017, as wefox acquires ONE. Wefox said that it is integrating digital insurer ONE, which was launched in 2016 by former Zurich Insurance ... Read the full article

Munich Re sets up protected cell company in Malta, report

19th June 2017

German and global reinsurance player Munich Re has registered a protected cell insurance vehicle on the island domicile of Malta. The Times of Malta first reported that the reinsurer registered a protected cell company a few weeks ago, which would be able to underwrite re/insurance business, and that this could provide ... Read the full article

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