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.
Insured losses from nat cats hit $27 billion in H1, says Munich Re
23rd July 2020
In the first half of the year, natural catastrophes resulted in overall economic losses of approximately $68 billion, of which just over 18%, or $27 billion was covered by re/insurance protection, according to Munich Re. Globally, economic losses of $68 billion in H1 2020 is below the 30-year average of $74 ... Read the full article
Munich Re’s H1 2020 COVID-19 losses reach €1.5bn
20th July 2020
Global reinsurer Munich Re has announced COVID-19 related losses of roughly €700 million in its reinsurance operations in the second-quarter of 2020, as the firm cites "truly favourable conditions" for growing its reinsurance business. The reinsurance giant states that the large majority of its €700 million of registered COVID-19 losses is ... Read the full article
Munich Re insurtech subsidiary partners with Generali Indonesia
16th July 2020
Munich Re Automation Solutions, an insurtech subsidiary of the global reinsurer, has joined forces with life insurer Generali Indonesia in an effort to help boost the latter's underwriting process and streamline the risk assessment process. Reports from Fi News suggest Munich Re AS will provide its cloud-based business, digital underwriting and ... Read the full article
Munich Re Specialty Insurance launches new MPL offering
9th July 2020
Munich Re Specialty Insurance, a division of global reinsurance giant Munich Re, has launched a new Miscellaneous Professional Liability (MPL) solution for non-specialist, commercial businesses. MPL covers both liability and defense costs from claims that allege errors or omissions in the rendering of professional services, explains Munch Re Specialty Insurance. The company ... Read the full article
Enstar closes purchase of Great Lakes, HSB run-off portfolios
3rd July 2020
Legacy acquirer Enstar Group has announced that one of its wholly-owned subsidiaries has acquired certain portfolios from the Australian branches of Great Lakes Insurance SE and HSB Engineering Insurance Limited, both part of Munich Re group. This deal was first announced late last year and was described as primarily consisting of long ... Read the full article
Willis Pension Scheme in £1bn longevity swap with reinsurer Munich Re
30th June 2020
The Willis Pension Scheme has entered into a longevity swap transaction with global reinsurance giant Munich Re, under which the reinsurer will manage the longevity risk in relation to c£1 billion of pensioner liabilities. This longevity reinsurance transaction covers roughly 3,500 Scheme members, providing long-term protection for the Scheme against additional ... Read the full article
Munich Re opts against providing fresh profit guidance for 2020 on COVID-19
23rd June 2020
Global reinsurance giant Munich Re has said that while it continues to stand on firm economic footing, the losses and uncertainty being caused by the ongoing COVID-19 pandemic means that it will not meet its previously announced profit guidance for 2020. The reinsurer announced on April 1st, 2020 that it ... Read the full article
Munich Re’s Roanoke partners with travel insurtech battleface
15th June 2020
Roanoke Travel Insurance, a subsidiary of Munich Re Specialty Group North America, has partnered with the travel insurtech startup battleface to launch product sales in the US. battleface offers travel insurance products and assistance to travelers using an API-driven platform. The arrangement with Roanoke is expected to enable the insurtech to offer ... Read the full article
Now is the time to address the climate change challenge: Jeworrek, Munich Re
15th June 2020
Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance at Munich Re, has said that now is the time to "finally and consistently" address the climate change challenge. In recent months, the global outbreak of COVID-19 has unsurprisingly dominated headlines and, as a result, many have lost sight of the long-term global ... Read the full article
Munich Re’s HSB launches online broker trading platform in Ireland
11th June 2020
HSB, the specialist engineering and technology insurance arm of Munich Re, has launched a new broker online trading platform in Ireland, called HSB Fast Track. HSB Fast Track e-trade platform will offer brokers in Ireland a suite of HSB products that includes Construction Annual, Construction Project, Contractors’ Plant, and Computer and ... Read the full article
Munich Re’s HSB backs new machine failure cover from Augury
10th June 2020
Munich Re member firm The Hartford Steam Boiler (HSB) has backed a new warranty offering by AI-based machine health solution provider Augury, which aims to minimise financial risk from industrial machine failures. The offering, called Guaranteed Diagnostics, combines with Augury’s Machine Health platform with a repair/replacement warranty that compensates customers in ... Read the full article
Munich Re’s ERGO expands in China via Taishan investment
8th June 2020
ERGO, the primary insurance arm of reinsurance giant Munich Re, has expanded its property and casualty (P&C) services in the Chinese market via a strategic investment in Taishan Property & Casualty Insurance Co., Ltd. Once completed, the deal will see ERGO take 24.9% equity interests of Taishan Insurance through its subsidiary, ... Read the full article
Munich Re to defend ‘extremely strong’ position despite Covid hit: S&P
2nd June 2020
While S&P Global Ratings expects Munich Re's performance to decline in 2020 due to COVID-19, sufficient capital means the reinsurer will be able to defend its 'extremely strong competitive position' over the next 12-24 months. This capital position is supported by retained earnings and the temporary suspension of Munich Re's €1 ... Read the full article
Higher margins may offset fading investment income for major reinsurers: Fitch
29th May 2020
The financial earnings of the big four European reinsurers will be affected negatively by the COVID-19 pandemic in the short-term, but moving forward, improved technical pricing could largely offset fading investment returns, according to Fitch Ratings. As evidenced by first-quarter 2020 results, the financial impact of the COVID-19 pandemic for the ... Read the full article
NN Life transfers €13.5bn of longevity risk to Canada Life, Munich Re & Swiss Re
19th May 2020
A subsidiary of NN Group, NN Life, has completed three longevity reinsurance transactions with reinsurers Canada Life, Munich Re, and Swiss Re, transferring the full longevity risk associated with €13.5 billion (USD 14.8 billion) of pension liabilities in the Netherlands. The arrangements cover the risks associated with the policies of more ... Read the full article