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.
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
Global reinsurers driving premium growth so far in 2022: Gallagher Re
30th November 2022
Premium growth in the first nine months of 2022 has been driven by global reinsurers, says reinsurance broker Gallagher Re in a new analysis. The firm said that the (re)insurers it tracked reported YOY premium growth of 13% by Q3, but the strongest increases came from global reinsurers and reached 18.2%. It ... Read the full article
Munich Re launches new research and development centre in China
23rd November 2022
Munich Re has launched a new research and development centre in Shanghai, China. The firm said that the new centre will ‘foster new innovative initiatives’ through facilitating networks with technology providers and industry leaders. It said that the new setup, named Munich Re China Innovation R&D Centre, will enable Munich Re ... Read the full article
Industry returns driven by hard market: Goldman Sachs
23rd November 2022
A new note from Goldman Sachs says that attractive returns within the industry are being driven by a hard market. The firm said that reinsurers have historically been a low-beta and defensive sector that outperformed in terms of uncertainty. This has continued, it said, as the hard market pricing has started ... Read the full article
European reinsurers see earnings drop in first nine months of 2022: Fitch
18th November 2022
A new report from Fitch Ratings says that the earnings of Europe’s four main reinsurers fell over the first nine months of this year, compared to the same period in 2021. The firm said that this was because of higher natural catastrophe losses, weaker investment returns, and reserve strengthening. On average, ... Read the full article
Munich Re offloads more Admiral shares
11th November 2022
Munich Re, one of the world's largest reinsurance companies, has lowered its stake in London-based insurer Admiral to roughly 1.8%. The German reinsurer has sold a further 7.4 million shares in Admiral in a placing at 2,023p per share. It comes roughly a year after Munich Re sold 12.1 million shares, ... Read the full article
Belize first to receive payout by MAR Fund after Hurricane Lisa triggers parametric policy: WTW
11th November 2022
The country of Belize is set to receive a payout of $175,000 after Category 1 Hurricane Lisa triggered its parametric policy under the Mesoamerican Reef (MAR) Insurance Programme, reports insurance and reinsurance broker WTW. Launched in June of last year via a partnership between WTW and the Mesoamerican Reef Fund, ... Read the full article
Clear indications for a widespread hard market: Munich Re CFO
8th November 2022
As the market heads towards the important January 1st, 2023, reinsurance renewals, Christoph Jurecka, Chief Financial Officer (CFO) of German reinsurance company, Munich Re, is optimistic that further rate hardening will not be restricted to loss-impacted lines or regions. The CFO and Member of the Board held an earnings call recently ... Read the full article
Munich Re expects Q4 boost from Hannover Re investment joint-venture: CFO
8th November 2022
Munich Re's group CFO Christoph Jurecka revealed this morning that the reinsurance company is already expecting to feel a positive effect from its investment joint-venture with rival Hannover Re, as soon as during the fourth-quarter. Reinsurance News reported earlier in November that Munich Re and Hannover Re, two of Europe’s ... Read the full article
Munich Re posts rise in Q3 profit despite Hurricane Ian losses of €1.6 billion
8th November 2022
Global reinsurer Munich Re has reported profit of €527 million and €1.9 billion for the third quarter and first nine months of 2022, respectively, despite a rise in major losses within property and casualty (P&C) reinsurance on the back of Hurricane Ian losses of around €1.6 billion. Profit for the quarter ... Read the full article
Hannover Re & Munich Re planning alternative investment joint-venture
3rd November 2022
Hannover Re and Munich Re, two of Europe's big four reinsurance companies, are awaiting regulatory approvals for an alternative investment joint-venture, designed to increase the diversification of a combined private equity portfolio, while likely leading to better terms and conditions on new investments. On a recently held earnings call to ... Read the full article
Damaged Nord Stream 1 gas pipeline in re/insurance dilemma
25th October 2022
As the mystery surrounding the explosions that damaged undersea gas pipelines between Russia and Germany remains unsolved, Nord Stream 1’s re/insurers are trying to figure out how to handle potential claims worth hundreds of millions of dollars, reports Reuters. According to industry sources familiar with the matter, Munich Re and syndicates ... Read the full article
Berenberg reflects on rates, Baden-Baden, and Hurricane Ian
24th October 2022
A new note from Berenberg says that rates remain under pressure while natural catastrophes for this year are poised to hit $100bn. The firm pointed to a press released put out by reinsurance giant Munich Re. It said Munich Re stressed that rates need to rise for a number of reasons. Berenberg ... Read the full article
Munich Re sees Ian losses of €1.6bn, says 2022 profit target “significantly more challenging” to meet
21st October 2022
Global reinsurance giant Munich Re has reported losses related to Hurricane Ian within its property and casualty reinsurance business of roughly €1.6 billion after retrocession, based on an insurance industry market loss of around $60 billion (excluding the NFIP). The reinsurer notes that, in the third quarter of 2022, it recorded ... Read the full article
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