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Reinsurance News

Munich Re

Munich Re takes stake in German Research Centre for AI

1st February 2019

Global reinsurance giant Munich Re has become a shareholder in the German Research Centre for Artificial Intelligence (DFKI), a leading European institute for the research of robotics, smart factories and immersive quantified learning. The partnership hopes to create new impulses in the fields of artificial intelligence and data analytics, and will ... Read the full article

Munich Re opens new Representative branch in Bangkok

31st January 2019

Global reinsurance giant Munich Re has announced the opening of a new representative office in Bangkok, Thailand, underlining its commitment to the region for the long-term. In line with the opening of its new office, Munich Re has named Lucien Heijstee as Chief Representative for Thailand. He joins the reinsurer from Thaivivat Insurance ... Read the full article

$872m of premium accepted by foreign reinsurers between 2017-18: IRDA

21st January 2019

The International Regulatory and Development Authority of India (IRDA) says a total of $872 million in reinsurance premium was accepted by foreign reinsurance branches in 2017-18, with Swiss Re taking the largest share at $287 million. Munich Re and SCOR reported $183 million and $166 million, respectively. In the same time period, ... Read the full article

Munich Re pegs 2018 insured cat losses at $80bn, double the 30-year average

8th January 2019

Global reinsurance giant Munich Re has revealed an $80 billion industry loss from 2018’s natural catastrophes, a figure which, despite falling well short of the $350 billion inflicted in 2017, represents a near doubling of the $41 billion 30-year average. This estimate by Munich Re mirrors Swiss Re's prediction last ... Read the full article

Munich Re appoints Nicholas J. Gartside CIO

7th January 2019

Munich Re has announced the appointment of Nicholas J. Gartside, a Managing Director at J.P Morgan Asset Management, as a member of the Board of Management and Chief Investment Officer. As CIO, Gartside will be responsible for the whole Asset Management of Munich Re (Group), starting on 18 March 2019. Gartside is ... Read the full article

AIG completes purchase of UK life insurer Ellipse from Munich Re

2nd January 2019

American International Group (AIG) has completed its acquisition of Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re. Funded by an undisclosed cash consideration, the purchase was conducted via AIG Life, a UK subsidiary of AIG Life & Retirement. AIG said that Ellipse’s group protection capabilities, ... Read the full article

Former Everest Exec Michael Kerner appointed CEO, Munich Re Specialty Insurance

17th December 2018

The U.S branch of global reinsurance firm Munich Re has appointed Michael Kerner as Chief Executive Officer for Munich Re Specialty Insurance, a new commercial insurance unit in North America. Reporting to Tony Kuczinski, President and CEO, Munich Re, U.S, Kerner will have oversight for uniting several Munich Re Group business ... Read the full article

Munich Re collaborates with DXC Technology to enhance cyber services

11th December 2018

Global reinsurance giant Munich Re has selected DXC Technology to provide post cyber-attack services and expertise to insurance companies across the Asia Pacific. Under the new partnership, insurers stand to benefit from industry-leading experience and extensive service networks. The partnership sees Munich Re provide clients with holistic risk management solutions, designed to ... Read the full article

Munich Re puts 2018 insured typhoon losses at $9.5bn, Jebi at $6bn

7th December 2018

Munich Re has estimated that insured losses from typhoons in the Northwest Pacific are likely to total $9.5 billion for 2018, of which $6 billion is attributable to Typhoon Jebi, which made landfall in Japan on September 4. The loss estimate for Jebi is substantially higher than figures provided by the ... Read the full article

Munich Re estimates insured Michael losses at $10bn, Florence at $4bn

5th December 2018

Hurricanes Michael and Florence, which battered the east coast of the U.S earlier this year, are likely to have caused insured losses of $10 billion and $4 billion, respectively, according to new estimates from reinsurance giant Munich Re. Insured losses from Hurricane Michael represent 60% of a total economic loss of ... Read the full article

With cyber risk, market players need to create as much transparency as possible: Torsten Jeworrek

9th November 2018

Attempting to tackle the growing cyber risk landscape through just insurance and reinsurance expertise will have limited results, says Munich Re's Torsten Jeworrek, while at the same time calling on market participants to create as much transparency as possible when it comes to cyber risks. Member of the Board of Management ... Read the full article

Anti-fraud start-up Fraugster raises $14mn in funding, backed by Munich Re

8th November 2018

Fraugster, a software company that uses artificial intelligence (AI) to prevent fraud for online retailers, has raised $14 million in a Series B funding round that saw participation from HSB Ventures, the venture capital arm of global reinsurer Munich Re. Munich Re announced in April that it had agreed to ... Read the full article

Munich Re closes on full-year profit target after less profitable Q3

7th November 2018

Reinsurance giant Munich Re has nearly reached its full-year profit target for 2018 after the first nine months of the year, however its Q3 results were hit by catastrophe losses and profitability was boosted by reserve releases during the period. Munich Re has reported profit of €2,038m for the first nine ... Read the full article

Chubb partners with Munich Re’s HSB on IoT services

2nd November 2018

Global insurer Chubb has entered into a partnership with Munich Re’s Hartford Steam Boiler Inspection and Insurance Company that will provide the firm’s policyholders with access to Internet of Things (IoT) technology for homes and businesses. The IoT sensors and devices will target the threat of water damage by monitoring for ... Read the full article

Munich Re backed insurtech Ethos raises $35mn in funding

31st October 2018

Ethos, a life insurtech start-up backed by Munich Re and Assurity Life, has raised an additional $35 million in funding from a Series B financing round, led by venture capital firm Accel. Additional investors included Google Ventures (GV), previous investors Sequoia Capital and Arrive, a subsidiary of Roc Nation, and a ... Read the full article

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