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 puts US winter storm loss in the mid-hundreds of millions
17th March 2021
Global reinsurance giant Munich Re has said that it currently expects claims expenditure from the severe winter weather conditions that affected the U.S. last month to reach the mid triple-digit million euro range. Winter storm Uri resulted in significant disruption across a number of southern U.S. states in February, especially Texas, ... Read the full article
Munich Re partners with global freight data company, ClearMetal
17th March 2021
Global reinsurer Munich Re has entered into a partnership with logistics technology company, ClearMetal, to provide an insured guarantee to its offering. ClearMetal is a leading international freight visibility and dynamic planning company, providing shippers with quality, timely data on ocean container movements during transit so they can better plan on-time ... Read the full article
Munich Re backs cybersecurity service by Deep Instinct
12th March 2021
Munich Re is backing a new performance guarantee and ransomware warranty from cybersecurity specialist Deep Instinct. Following a due diligence on Deep Instinct’s technology, Munich Re decided to provide insurance for the guarantee and warranty via its new product, aiSure. Deep Instinct says the backing will enable it to guarantee the performance ... Read the full article
Munich Re names Scott Hawkins as Managing Director, Australasia
8th March 2021
Global reinsurer Munich Re has announced the appointment of Scott Hawkins to succeed Ralph Ronnenberg as Managing Director of Australasia, effective April 1st, 2021. In his new role, Hawkins takes on responsibility for overseeing the leadership and strategic steering of the firm's operations in Australia and New Zealand, as well as ... Read the full article
Munich Re to acquire third party administrator GroupHEALTH
8th March 2021
Munich Re, via its subsidiary Munich Re New Ventures (MRNV), has announced plans to acquire Group Health Group Holdings, Inc. (GroupHEALTH), one of the largest third party group insurance administrators in Canada. MRNV will increase its stake in GroupHEALTH from its existing 40% interest to owning 100% of the company. Following the ... Read the full article
Munich Re, AGCS & Google Cloud partner on cyber insurance solution
2nd March 2021
Munich Re, Allianz Global Corporate and Specialty (AGCS) and Google Cloud have announced a collaboration designed to provide customers with increased cloud security and potentially bring down costs. The Risk Protection Program builds on Google Cloud's engineered-in security toolset and consists of two parts. First, a diagnostic tool called Risk Manager enables ... Read the full article
Munich Re partners with Helvetia Seguros on digital life underwriting solution
2nd March 2021
Munich Re Automation Solutions, part of the global reinsurance group, has entered into a new partnership with Helvetia Seguros to implement an innovative digital underwriting solution for the Spanish life insurance market. The technology, which has been developed by Munich Re Automation Solutions, will enable Helvetia Seguros' intermediaries to offer streamlined ... Read the full article
Pool Re wraps up £2.5 billion terrorism retrocession placement
25th February 2021
UK government-backed terrorism reinsurer Pool Re has secured the placement of its three year, £2.475 billion retrocession programme involving 56 global reinsurers. Munich Re led the placement along with Hannover Re and Fidelis, both of who provided significant capacity. The retrocession covers property damage arising from nuclear, biological, chemical, and radiological attacks ... Read the full article
Munich Re backs new motor insurtech by Sun Capital & former Aviva CEO
25th February 2021
Reinsurer Munich Re has agreed to back the launch of a new insurtech firm created by specialist private capital provider Sun Capital Partners and former Aviva CEO Mark Wilson. The insurtech firm, called Abacai, will initially focus on the UK motor insurance market and will invest an initial £50m in the ... Read the full article
Munich Re’s profit falls in 2020; P/C combined ratio deteriorates on major losses
25th February 2021
German reinsurer Munich Re has reported profit of €1.211 billion and €212 million for the full-year and fourth-quarter 2020, respectively, in spite of a substantial level of claims related to major losses and the ongoing COVID-19 pandemic. For the year, profit fell from the more than €2.7 billion reported a year ... Read the full article
Munich Re appoints new L&H leader for Southeast Asia
17th February 2021
Munich Re has announced the appointment of Aravind Srinivas as Managing Director Life and Health for the Southeast Asia region. He takes over the role from Tobias Frenz, who will now become Head of Digital Solutions, Life and Health, Asia Pacific, Middle East and Africa. Srinivas was previously the Chief Commercial Officer ... Read the full article
Insurtech Foxquilt partners with Munich Re subsidiary
28th January 2021
Insurtech Foxquilt has partnered with Munich Re subsidiary Digital Partners on end-to-end insurance products and programs for small businesses. This Digital Partners collaboration provides the Foxquilt team with the autonomy and capabilities to design products and underwriting and rating algorithms. Foxquilt's Foxden underwriting platform is comprised of data-layered, micro-service architecture. Each of its ... Read the full article
Olympics cancellation loss could be “mind-blowingly large”, say reports
27th January 2021
Global insurers and reinsurers are facing a loss of up to as much as $3 billion if the rescheduled Tokyo Olympics are cancelled, according to reports. At a loss of between $2 billion - $3 billion, cancellation of the event would drive the largest ever claim in the global event cancellation ... Read the full article
Munich Re hails Augmented Automated Underwriting (AAU)
27th January 2021
A new report by Munich Re unit Munich Re Automation Solutions has hailed Augmented Automated Underwriting (AAU) as a technology that will revolutionise customer experience in the re/insurance industry. Specifically, the paper examines how AAU builds on and evolves previous technology investments and implementations, and whether the technology is the inevitable destination ... Read the full article
Munich Re backs smart home tech firm Span
26th January 2021
Reinsurer Munich Re has led a funding round for smart home technology firm Span, raising $20 million to support growth and provide integrated energy solutions for homes. Span’s electrical panel enables users to monitor and control their home energy, promoting more convenient and sustainable living. Munich Re Venture’s HSB Fund was joined ... Read the full article