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.
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
Munich Re US President & CEO to retire in 2021; successor named
12th January 2021
M. Steven Levy, the President and Chief Executive Officer (CEO) of Munich Reinsurance America, Inc., a subsidiary of global reinsurer Munich Re, is to retire in April of next year and be replaced by Marcus Winter. Effective April 1st, 2021, Levy will step down from the company after 23 years of ... Read the full article
Global insured nat cat losses up 44% in 2020 to $82bn: Munich Re
7th January 2021
A record hurricane season, historic wildfires in the western U.S. and a series of events in other parts of the world saw global, re/insured losses from natural disasters increase to $82 billion in 2020, which is approximately 44% higher than in the previous year, reports Munich Re. Economic losses from natural ... Read the full article
Munich Re Automation Solutions expands Sun Life collaboration
10th December 2020
Munich Re Automation Solutions Ltd, an insurtech specialist and part of the Munich Re Group, has expanded its relationship with Sun Life Financial Inc. Currently, Sun Life advisers and clients in Canada are leveraging Munich Re Automation Solutions' cloud and managed services. This new and expanded collaboration provides access to various modules ... Read the full article
Munich Re to halt event cancellation cover for pandemics
8th December 2020
Reinsurance giant Munich Re has confirmed that it will stop writing coverage for events cancelled due to pandemics. Munich Re unveiled its “Ambition 2025” growth and results targets earlier today, which include a targeted return on equity of 12-14% by 2025 and a combined ratio of approximately 95% in property ... Read the full article
Munich Re targets 95% P&C combined ratio each year through 2025
8th December 2020
German reinsurance giant Munich Re has unveiled its "Ambition 2025" growth and results targets, in which the company is targeting a return on equity (RoE) of between 12 - 14% by 2025 and a combined ratio of approximately 95% in property / casualty reinsurance. Underpinned by scale, shape and success, the ... Read the full article
Munich Re adds €1.1bn of COVID-19 losses; 2020 total hits €3.4bn
1st December 2020
Global reinsurance giant Munich Re has reported that its reinsurance operation is set to book COVID-19 related losses of €3.4 billion in 2020, while additional burdens of roughly €500 million are anticipated to come from the pandemic in 2021. For Q3 2020, the reinsurer announced a further €800 million of ... Read the full article
Munich Re’s MEAG acquires 16,000 hectares of US timberland
27th November 2020
On behalf of Munich Re, MEAG has acquired approximately 16,000 hectares of timberland for a low triple-digit million US dollar figure in Southwestern Oregon. These timberlands are mainly situated in the Coast Range and have a dense population of Douglas fir, a highly productive tree species. Because of a series of low ... Read the full article
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