Reinsurance News
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
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
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
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
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
29th October 2018
Munich Re has entered into a strategic partnership as a Founding Anchor Partner of Plug and Play China, the Chinese business of Plug and Play, a global start-up accelerator and corporate innovation platform. Plug and Play, which is headquartered in Silicon Valley, enables corporations to engage with start-ups that may complement their ... Read the full article
25th October 2018
The U.S branch of global reinsurance firm Munich Re is to offer inland personal lines flood coverage to its insurance carriers and agency partners that use BriteCore, a web-based insurance administration platform. The endorsement from Munich Re America is available to homeowners who live outside of a Special Flood Hazard Area ... Read the full article
24th October 2018
A new survey by The Hartford Steam Boiler Inspection and Insurance Company (HSB), a subsidiary of reinsurance giant Munich Re, has identified a rise in losses related to fraudulent business emails in the U.S. HSB found that 58% of business executives polled by cyber insurance and services provider Zogby Analytics said ... Read the full article
22nd October 2018
The UK’s decision to leave the European Union and withdraw from the Single Market may represent part of a global political trend towards ‘closed societies’ that is likely to negatively impact re/insurers in the long-term, according to Michael Menhart, Chief Economist at Munich Re. Speaking during a presentation at Lloyd’s last ... Read the full article
22nd October 2018
Global reinsurance firm Munich Re has said that it is preparing for “exponential” growth in demand for cyber re/insurance coverage by developing updated, flexible solutions and exploring new technology-based partnerships. In a recent statement, the reinsurer noted that the cyber threat is developing rapidly alongside digitalisation efforts, and is a risk ... Read the full article
19th October 2018
Arndt Gossmann, the founder and owner of Gossmann & Cie, has announced the establishment of Expiring Policy Roll-Over (working title), a product that, with Munich Re as a reinsurance partner, allows the ongoing transfer of insurance contracts expiring in the future to an external risk carrier. This enables insurers to release ... Read the full article
19th October 2018
German reinsurance giant Munich Re was hit by large natural catastrophe losses during the third quarter of 2018, although claims are likely to remain within the company’s budget, according to sources at Reuters. The company also saw some losses related to claims from the Genoa bridge collapse in Italy, although these ... Read the full article
18th October 2018
The Nomination Committee of German reinsurance giant Munich Re has recommended that former Chief Executive Officer (CEO) Nikolaus von Bomhard be nominated for election as Chairman of the company’s Supervisory Board. If elected, von Bomhard would take over the role of Chairman from Bernd Pischetsrieder, who is not standing for re-election ... Read the full article
12th October 2018
MSP Underwriting, a global specialty underwriter and Munich Re subsidiary, has been acquired by Cincinnati Financial Corporation for an all-cash transaction of £102 million. Based on MSP’s projected net asset value at closing, the deal will see the firm become a wholly-owned subsidiary of Cincinnati Financial and will continue to operate ... Read the full article
11th October 2018
Analysts at J.P Morgan have raised reinsurer Munich Re’s fiscal year net profit forecast from €2.561 billion to €2.725 billion ($2.953 billion to $3.142 billion) following above-expected net profits in H1 2018. Munich Re reported €1.5 billion net profits in H1, well above the €1.1 billion to €1.2 billion run rate ... Read the full article
