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Munich Re subsidiary Roanoke partners with sports tech firm Stack

12th August 2019

Roanoke Travel Insurance, a subsidiary of Munich Re Specialty Group North America, has partnered with sports technology and registration platform provider Stack Sports, in a move that will power SecureFee Registration Cancellation Insurance. SecureFee provides financial protection to athletes faced with circumstances such as injury, illness, transportation and other plan altering ... Read the full article

Munich Re’s Q2 profit rises to €993mn on low losses & reserve releases

7th August 2019

Global reinsurance giant Munich Re has announced its highest quarterly profit for four years of €993 million in the second-quarter of 2019, driven by low major losses and reserve releases. Munich Re's profit in the second-quarter of 2019 increased from the €728 million recorded in the second-quarter of 2018, underpinned by ... Read the full article

Munich Re looks to revolutionise hurricane response with new suite of tools

6th August 2019

Germany-headquartered global reinsurer Munich Re has announced the launch of the Hurricane Response Suite, a set of tools designed to revolutionise and improve an insurer's ability to respond to hurricane events. The new suite of tools is designed to help firms assess widespread property damage in the aftermath of a hurricane ... Read the full article

Zi Jai Li named head of Munich Re’s Beijing consulting service, SiTao Consulting

6th August 2019

Zi Jai Li has been appointed Managing Director of Smart Thinking Consulting (Beijing) Company Limited (SiTao Consulting), Munich Re's technology-based consulting service in Beijing. Li is also responsible for the reinsurer's innovation lab in Beijing and in his new role, will report to Steven Chang, who was recently appointed as Read the full article

Munich Re names Steven Chang CEO, Greater China

5th August 2019

Reinsurance giant Munich Re has announced the appointment of Steven Chang as Chief Executive Officer (CEO) of Greater China, effective August 1st, 2019. Chang will be based in Beijing, and will lead Munich Re's non-life business and operations in the Greater China region, which includes mainland China, Taiwan, Hong Kong and ... Read the full article

Munich Re CEO expects worsening impact from low interest rates

30th July 2019

The ongoing low interest rate environment in investment markets is expected to heap additional pressure on the insurance and reinsurance industry in years to come, according to Munich Re's CEO. Interest rates have been considered depressed for a number of years now and it seems this may be better considered a ... Read the full article

Munich Re pegs industry cat losses at $15bn in H1

30th July 2019

Munich Re has estimated that insured losses resulting from natural catastrophes totalled $15 billion in the first half of 2019, slightly below the long-term average of $18 billion. The reinsurer recorded 370 loss events over the first six months of the year, which it believes produced an overall economic loss of ... Read the full article

Munich Re targets travel industry with Roomer partnership

24th July 2019

Reinsurance giant Munich Re has entered into a new partnership with Israeli / U.S.-based travel-focused startup, Roomer Travel (Roomer). Roomer has developed a marketplace for reselling and booking non-refundable hotel rooms and, based on its experience the startup has identified that travelers need more flexibility. Roomer Flex is the firm's flagship solution, ... Read the full article

Munich Re expects €1bn Q2 result on lower losses, reserve releases

18th July 2019

Global reinsurance giant Munich Re has announced that it expects to report a consolidated result of approximately €1 billion for the second-quarter of 2019. The reinsurer states that this figure is mainly a result of low major-loss expenditure and high reserve releases for basic losses in reinsurance from prior years. Munich Re ... Read the full article

Munich Re names new Head of Life and Health in Korea

15th July 2019

Global reinsurance giant Munich Re has announced the appointment of Kyungsuk Lee from Chubb Life Korea Insurance, as its new Head of Life and Health in Korea. The addition of Lee, who joined the reinsurer on July 15th, 2019 is part of a leadership transition within the company's Korea operation, with ... Read the full article

Munich Re one of the insurers for failed Vega rocket launch, UAE satellite loss

15th July 2019

It's been reported that reinsurer Munich Re is one of the insurers for the failed European Vega rocket on July 10th, 2019. The 15th launch of the European Vega rocket ended in disaster shortly after blast off with commercial space firm Arianespace, which markets the Vega rocket system, confirming mission failure ... Read the full article

Arbitration panel sides with Munich Re in Grenfell Tower reinsurance dispute

9th July 2019

Global reinsurer Munich Re has won a dispute against Norwegian insurer Protector Forsikring which relates to reinsurance contracts that cover the financial property loss following the Grenfell Tower fire in 2017. In an Oslo Stock Exchange Filing, Protector states that its second-quarter 2019 results will include a £6.9 million loss following ... Read the full article

Munich Re plans to retain 10% share of cyber market

1st July 2019

Munich Re has revealed that it plans to continue focusing more of its business on the growing cyber re/insurance market, with the aim of retaining its current 10% share. The re/insurer earned premium volume of almost US $500 million from cyber coverage in 2018, equally split between primary insurance and reinsurance. Munich ... Read the full article

Munich Re and Validus lead traditional markets in Citizens’ 2019 renewal

27th June 2019

Details around the successful completion of Citizens Property Insurance Corporation's $1.45 billion 2019 reinsurance renewal reveals that Munich Reinsurance America, Validus Reinsurance, Nephila Capital, and D.E. Shaw Re led the placement. After originally targeting a $1.6 billion reinsurance programme for the 2019 hurricane season, Citizens settled on a slightly smaller reinsurance ... Read the full article

Munich Re partners with GIC consortium on catastrophe damage analytics

25th June 2019

Munich Re has announced a new partnership with re/insurance industry consortium the Geospatial Intelligence Center (GIC) to provide its members with access to automated damage classification analytics following major catastrophe events. The GIC provides its members with access to imagery and data that enhance underwriting assessments, expedite claims, and improve fraud ... Read the full article

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