Reinsurance News
Munich Re news
News on one of the world’s largest reinsurance companies Munich Re.
Munich Re is a leading global reinsurance company and our news covers its announcements, people moves, results and financial performance, as well as analysis of reinsurance market trends and interviews.
Munich Re bolsters P&C underwriting teams in APAC MEA with revised set-up
18th April 2024
Munich Re is to strengthen its P&C underwriting teams in Asia Pacific, Middle East & Africa (APAC MEA) with a revised set-up, which includes two regional divisions and personnel changes at the senior executive level. As Chief Executive, Hitesh Kotak will lead Munich Re's P&C business in Japan, India, Korea and ... Read the full article
The World Bank issues $420m parametric cat bond for the Government of Mexico
17th April 2024
The World Bank has issued $420 million in catastrophe bonds for renewed disaster risk protection for the Government of Mexico. The cat bond, which will finance insurance coverage against named storm events along the Atlantic coast of Mexico and earthquake events, will be issued by the International Bank for Reconstruction ... Read the full article
Munich Re’s HSB Canada names Barbara Bellissimo as President and CEO
8th April 2024
Toronto-based specialty insurer and part of reinsurer Munich Re, HSB Canada, has appointed Barbara Bellissimo as its new President and Chief Executive Officer (CEO), effective April 1st, 2024. She succeeds John Mulvihill, who has retired after a successful 34-year career with the insurer. The insurer explained that under Mulvihill’s leadership, HSB Canada ... Read the full article
Klaus Wilkens named president and CEO of Munich Re Canada
3rd April 2024
Munich Re has announced the appointment of Klaus Wilkens as the new president and CEO for Munich Reinsurance Company of Canada and Temple Insurance Company, the reinsurer’s agency affiliate in the country. An experienced leader with a strong mix of market facing strengths, people leadership skills, and technical underwriting skills, Wilkens ... Read the full article
Europe’s big four reinsurers well placed for a strong 2024: Fitch
2nd April 2024
Large European reinsurers posted very strong financial results for 2023, enabling them to bolster reserves and balance sheets and this will support ratings in 2024, according to analysis by Fitch Ratings. The ratings agency feels that Europe's big four reinsurers, Munich Re, Swiss Re, Hannover Re, and SCOR are well placed ... Read the full article
Europe’s big four reinsurers doubled combined earnings in 2023, says Moody’s
27th March 2024
Analysts at Moody’s Investors Service report that the four largest European reinsurers—Munich Re, Swiss Re, Hannover Re, and SCOR — achieved a combined earning of €10.2 billion in 2023, more than double their earnings in 2022, attributed to higher prices and improved investment returns. Moody’s report underscores that all four companies ... Read the full article
AI brings systematic accumulation risk potential towards portfolios: Munich Re’s Berger
21st March 2024
With artificial intelligence (AI) practically impacting all aspects of everyday life, the number of insurance gaps when using AI has staggered in recent years. Reinsurance giant Munich Re highlighted this in a recent whitepaper that showcased how AI exposures within traditional insurance policies possess the ability to become a significant ... Read the full article
Munich Re HealthTech promotes Bilal Ramadan to Chief Executive Officer
12th March 2024
Munich Re HealthTech (MRHT), a subsidiary of Munich Re, has promoted Bilal Ramadan to Chief Executive Officer. Ramadan will report to Owais Ansari Head of Munich Re Life & Health, MENA, Pakistan & Takaful Business. Ansari commented, “We congratulate Bilal Ramadan for his appointment. His promotion marks an exciting new chapter for ... Read the full article
European reinsurers’ 1/1 renewals outcome suggests underwriting margins close to peaking: Fitch
29th February 2024
Analysis by Fitch Ratings on the outcome of the key January 1st, 2024, renewals for European reinsurers claims that underwriting margins are close to peaking as supply and demand exhibits greater equilibrium. Earlier this year, Fitch warned that reinsurers’ underwriting margins are likely to peak in 2024, as the rating ... Read the full article
Munich Re CEO Wenning calls for government support amid rising cyber risks
27th February 2024
In a recent earnings call, Munich Re CEO Joachim Wenning highlighted the imperative need for governmental intervention in the face of escalating cybersecurity threats, shedding light on the limitations of private insurance in covering these risks. Wenning underscored the critical nature of cybersecurity, stating, "Cyber is not just important for us. ... Read the full article
We assume the hard market is going to continue, says Munich Re’s Wenning
27th February 2024
After another year of more than $100 billion of insurance and reinsurance industry losses from natural catastrophes in 2023, and with no major influx of fresh capital, the hard market environment is expected to persist, according to Munich Re's CEO Joachim Wenning. This morning, the global reinsurer reported a strong ... Read the full article
Munich Re posts 2023 profit of €4.6bn, P&C CoR of 85.2%
27th February 2024
Munich Re, one of Europe's largest reinsurers, has reported a net result of €4.6 billion for the 2023 financial year, which is above its revised €4.5 billion profit target announced in October, supported by a reinsurance result of €3.9 billion and an improved performance at ERGO. Despite beating the revised profit ... Read the full article
Insureds need to be aware of potential insurance gaps when using AI: Munich Re
19th February 2024
Global reinsurance giant Munich Re has highlighted how AI exposures within traditional insurance policies possess the ability to become a significant unexpected risk to insurers’ portfolios. This comes as the industry evaluates how to transfer capabilities in insuring traditional machine learning models to generative AI (GenAI) applications. A recent whitepaper released by ... Read the full article
Munich Re to finance wetlands restoration project by oil and gas company Synergy
16th February 2024
Californian private oil and gas company, Synergy has secured financing from Munich Re, a global reinsurance company, to restore coastal wetlands on a 140-acre site in Long Beach. Synergy aims to use the funds to restore Los Cerritos wetlands and further develop a wetlands mitigation bank project. John McKeown, CEO and Principal ... Read the full article
Kaufmann appointed Senior Underwriter, Property Treaty at Munich Re Japan
15th February 2024
Oliver Kaufmann has been appointed to the role of Senior Underwriter, Property Treaty at Munich Re Japan, joining the global reinsurance giant from New Reinsurance Company Ltd. (NewRe). In his new role, Kaufmann will be based in Tokyo, Japan. During his 10-year tenure at NewRe, Kaufmann served in a number of different ... Read the full article