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Munich Re

Munich Re’s ERGO to offload insurance portfolios of three entities to Generali

5th April 2019

ERGO International AG, a division of global reinsurer Munich Re, has announced plans to sell the insurance portfolios of three subsidiaries to Generali Group. The new sale is for its life, non-life and composite portfolios in Hungary and Slovakia. The transaction sees ERGO further consolidate its international business and follows last ... Read the full article

Munich Re, US appoints COO of new commercial insurance unit in North America

5th April 2019

Munich Reinsurance America, Inc. (Munich Re, US) has announced Adam Edelstein as the Chief Operating Officer (COO) of a new commercial insurance division in North America, Munich Re Specialty Insurance. Edelstein joins the firm from a boutique insurance-focused consultancy and will report to the Chief Executive Officer (CEO) of Munich Re Specialty ... Read the full article

Munich Re looks to SMEs and developing markets for cyber risk diversification

22nd March 2019

Global reinsurance giant Munich Re continues to grow its cyber business in-line with the market, and also remains more focused on providing solutions for small and medium sized enterprises (SMEs), according to the Chief Executive Officer (CEO) of its Reinsurance segment, Torsten Jeworrek. Speaking during an analyst and investor call following ... Read the full article

Munich Re expects €120mn Boeing/Ethiopian Airlines loss

22nd March 2019

Munich Re is expecting to incur losses in the range of €100 million to €120 million as a result of the recent Ethiopian Airlines crash and subsequent grounding of Boeing’s 737 Max aircraft. Speaking at a press conference this week, Munich Re’s CEO of Reinsurance, Torsten Jeworrek, said that the firm ... Read the full article

Munich Re reports solid 2018 result, raises 2019 profit guidance

20th March 2019

Global reinsurance giant Munich Re has announced 2018 profit of €2.275 billion, helped by an improved result in its property and casualty (P&C) reinsurance segment. The €2.275 billion is a substantial jump from the €392 million recorded a year earlier. Munich Re's operating profit for 2018 reached €3.725 billion, as gross ... Read the full article

Munich Re develops insurance for long-term battery performance

8th March 2019

Global reinsurance giant Munich Re is the first re/insurer to provide a solution that protects battery performance, enabling manufacturers in the battery market to offer long-term performance guarantees. Munich Re's latest development in the energy sector sees it become the first in the world to offer long-term insurance for battery performance, ... Read the full article

Munich Re’s ERGO to sell four more European units to EIG

8th March 2019

ERGO International AG, a division of global reinsurer Munich Re, has announced that it plans to sell four more of its European insurance subsidiaries to Euroins Insurance Group (EIG). Representatives of both parties have signed a purchase agreement relating to the sale of ERGO’s life and non-life subsidiaries in Romania and ... Read the full article

Re/insurers need to address gradual, regional impacts of global warming: Jeworrek, Munich Re

1st March 2019

It's neither possible or wise for insurers and reinsurers to speculate and make price changes in models to account for global warming that people think will occur in two decades time, according to Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance, Munich Re. In light of increased catastrophe losses in both ... Read the full article

Munich Re leads placement of £2.3bn Pool Re retro program

1st March 2019

The UK’s government-backed mutual terrorism reinsurer Pool Re has renewed its 2019 retrocessional reinsurance program, at an expanded size, that covers property damage arising from nuclear, biological, chemical, and radiological attacks; those arising from cyber-triggered terrorist losses; as well as conventional terrorist acts. The £2.3 billion program, which is provided on ... Read the full article

Cincinnati Financial completes acquisition of Munich Re subsidiary

28th February 2019

Cincinnati Financial Corporation has completed its previously announced acquisition of MSP Underwriting Limited from reinsurer Munich Re for £102 million. Following the transaction, MSP Underwriting will become a wholly owned subsidiary of Cincinnati Financial, continuing to operate under its existing leadership team. Based in London, MSP Underwriting operates through Beaufort Underwriting ... Read the full article

Munich Re to utilise CyberCube’s risk modelling, analytics platform

27th February 2019

Global reinsurer Munich Re has selected CyberCube’s analytics platform to help quantify, model and control cyber accumulation risk. Munich Re’s Chief Underwriter Stefan Golling states that leveraging the capabilities of CyberCube will help the company’s underwriting and risk modelling teams in better quantifying cyber risk and understanding potential cyber accumulation scenarios. An ... Read the full article

Ascent targets silent cyber with backing of Munich Re

27th February 2019

Specialist managing general agent, Ascent Underwriting has added physical damage cover to its CyberPro product, with additional capacity being provided by reinsurance giant Munich Re. CyberPro forms part of Ascent's professional and non-tangible risks portfolio, and with the backing of Munich Re, now covers physical and property damage plus debris removal ... Read the full article

Munich Re looks to digitise processes with Coupa Software partnership

21st February 2019

Global reinsurer Munich Re is partnering with business spend management (BSM) provider Coupa Software as it looks to reduce paper invoicing, simplify and standardise procurement and related spend management processes, and provide suppliers with a unified platform for simpler and faster global transacting. Coupa has been tasked with transforming Munich Re’s ... Read the full article

Munich Re closes longevity swap deal with Lafarge pension scheme

18th February 2019

German reinsurer Munich Re has completed a longevity swap deal with the Trustee of Lafarge UK Pension Plan, the UK pension scheme of French industrial company Lafarge. The arrangement is intended to reduce the Plan’s exposure to longevity risk, which arises when pensioners live longer than expected and thus claim more ... Read the full article

Cyber risks spare no market, sector, or company: Munich Re’s Martin Kreuzer

14th February 2019

The growing cyber threat is proving to be a challenge for all industries, markets and companies, no matter the shape or size, according to reinsurance giant Munich Re. Commenting on the Ryuk ransomware (an updated version of the HERMES ransomware family by North Korea APT Lazarus Group), Martin Kreuzer, a cyber ... Read the full article

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