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.
Marc-André Giguère named President & CEO of Munich Re, US (Life and Health)
8th December 2017
Global reinsurer Munich Re has announced that Marc-André Giguère is to replace Michael DeKoning as President and Chief Executive Officer (CEO) of Munich Re, US (Life and Health), effective January 1st, 2018. The reinsurer announced that after ten years leading Munich Re US (Life), DeKoning has decided not to renew his contract. Under ... Read the full article
IAG enters into risk sharing deals with Munich Re, Swiss Re, Hannover Re
8th December 2017
Insurance Australia Group Limited (IAG) said this morning that it has entered into reinsurance arrangements with three of the biggest companies in the world, as it looks to better manage the volatility in its results. The 3 quota share reinsurance agreements will see IAG cede 12.5% of its underwriting business through ... Read the full article
“2017 Hurricane season looks like a foretaste of the future”: Munich Re
5th December 2017
2017 has been the costliest hurricane season on record as well as the busiest since 2005 with overall losses estimated at $215 billion. According to Munich Re, this could be a foretaste of the increased intensity of natural catastrophes that reinsurers face in the future. Within a span of just four weeks, Harvey, ... Read the full article
Munich Re CFO Schneider calls for IFRS 17 delay: FT
4th December 2017
According to the Financial Times, the CFO of German reinsurance giant Munich Re has joined other companies calling for a delay to the implementation of the IFRS 17 (International Financial Reporting Standards) international accounting regime. IFRS 17 is an international IFRS Standard for the accounting of insurance contracts. The rules are ... Read the full article
Munich Re CEO says profits to remain stable, but lower than previous years
30th November 2017
Munich Re CEO Joachim Wenning told journalists at an informal meeting yesterday that the reinsurance firm aims to keep profits stable at EUR 2 billion or more, but that it is unlikely to return to levels seen in prior years. For 2017 Munich Re is only forecasting a small profit, following ... Read the full article
ERGO management withdraw sale of life insurance firms
29th November 2017
The Board of Management of ERGO Group has decided to close discussions on the sale of its German life insurance companies with traditional life insurance portfolios, saying offers weren't high enough. The decision follows an in-depth assessment of non-binding offers submitted by potential buyers. Markus Rieß, Chairman of the Board of Management of ... Read the full article
Munich Re’s Ergo to launch industrial insurance unit
24th November 2017
German insurer Ergo, a division of global reinsurer Munich Re, has revealed plans to launch a new industrial insurance unit as part of its restructuring and has also announced changes to management. Mathias Scheuber will become head of the group’s subsidiary Ergo Versicherung AG, replacing Markus Hoffmann who will remain in ... Read the full article
Europe’s big four hit with record Q3 losses but capitalisation remains strong: Fitch
16th November 2017
The capitalisation of Europe's big four reinsurers remains strong, despite a heavy hit to earnings after significant claims from hurricanes Harvey, Irma and Maria (HIM), the Mexico earthquakes and the California wildfires could make Q3 a record year for reinsurers' catastrophe losses. Rating agency Fitch said that while all four reported significant ... Read the full article
Rate increases could be higher than in 2011: Munich Re
15th November 2017
According to reinsurance giant Munich Re, the post-loss rate increases coming at the January 2018 and future reinsurance renewals could be higher than those witnessed after the 2011 earthquake industry losses. While overall industry losses to insurance and reinsurance interests may be less than seen in 2011, the way 2017's loss ... Read the full article
Munich Re underlines microinsurance growth in Latin America & Caribbean
13th November 2017
Preliminary findings of a recent study on microinsurance across Latin America and the Caribbean (LAC), published by the Munich Re Foundation and the Microinsurance Network, highlights substantial growth in take-up rates in recent times, but warns that more must be done to enable the poorest and most vulnerable with access ... Read the full article
Munich Re falls to -€1.4bn Q3 loss, expects small full-year profit
9th November 2017
Reinsurance giant Munich Re has reported a third-quarter 2017 loss of -€1.4bn, reflecting the impact of high natural catastrophe losses that contributed over 70% to the reinsurers combined ratio. Munich Re said that the impacts of hurricanes Harvey, Irma and Maria would total €2.7 billion of losses, while its total major ... Read the full article
Munich Re’s Ergo to begin sale of life insurance businesses: Reports
30th October 2017
According to industry reports, Ergo, the primary insurance arm of reinsurance giant Munich Re, is moving forward with plans to sell the life insurance books of Ergo Leben and Victoria Leben. Citing a report in Handelsblatt daily, Reuters states that two people familiar with the matter have said that management within the entity ... Read the full article
Munich Re sees €3.2bn of hurricane and other losses for Q3 2017
26th October 2017
Reinsurance firm Munich Re has estimated that it will fall to a €1.4 billion loss for the third-quarter of 2017, as hurricanes Harvey, Irma and Maria, as well as other major losses including the Mexico earthquakes, are likely to cost the reinsurer €3.2 billion. But even this level of major loss ... Read the full article
SCOR reaches excess of loss reinsurance agreement with Iran’s Mellat Insurance
24th October 2017
France domiciled reinsurer, SCOR, has reached an agreement with Iranian insurer, Mellat Insurance, an affiliation of Bank Mellat, to provide the company with excess of loss reinsurance protection, according to reports. According to reports on Iranian online publication, Financial Tribune, SCOR will cover catastrophe losses related to Mellat Insurance's fire policies, ... Read the full article
“Disruption doesn’t bring opportunities, we have to earn them” – James Nash
23rd October 2017
“I believe there is substantial value creation potential in the future,” said Guy Carpenter's James Nash, at the Baden-Baden Reinsurance Symposium, “however, disruption does not automatically bring opportunities, we have to earn them. "We won't be able to capture this potential without transforming our industry and without extending our business models, ... Read the full article
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