Munich Re

Munich Re’s Roanoke launches Patton-led Canadian operation

Specialty logistics and trade-focused Munich Re subsidiary Roanoke Insurance Group has launched a new Canadian operation led by the long-serving Glenn Patton.

Munich Re puts exposure to US winter storms in “mid triple-digit million” euros

European reinsurer Munich Re has revealed it expects claims “in the mid triple-digit million euro range” as a result of the winter storms that hit southern states last month.

Covid-19 reserves top $10bn at Europe’s big four reinsurers

Covid-19 reserving took a hefty toll on earnings at Europe’s big four reinsurers during 2020, with €8.5bn ($10.2bn) of claims provisions booked across Munich Re, Swiss Re, Hannover Re and Scor during the year.

Munich Re names Hawkins as managing director for Australasia

Munich Re has appointed Scott Hawkins to succeed Ralph Ronnenberg as managing director of Australasia.

Munich Re-backed Foxquilt hires Hickey for US push

Munich Re Innovation Syndicate 1840-backed insurtech Foxquilt has hired Brandon Hickey from Insureon as it expands beyond its native Canada and into six US states.

AGCS and Munich Re partner with Google on cloud cyber insurance product

Allianz Global Corporate and Specialty (AGCS) and Munich Re have teamed up with Google Cloud to develop a cyber diagnostic tool and insurance product for users of the cloud provider.

Europe’s big four reinsurers grow 1.1 premiums close to €30bn in 2021

Total P&C reinsurance premiums written by Europe’s “big four” reinsurers at the 1 January renewal grew to more than €29.9bn in 2021, according to analysis by The Insurer.

Munich Re shifts casualty focus away from XoL at 1.1

Munich Re cut its exposure to casualty excess of loss treaties at the 1 January renewals as the German reinsurer continues to take “decisive action” to mitigate high litigation and increasing social inflation trends in its US casualty book.

Texas winter storm a “significant” insurance event: Munich Re

Munich Re expects the winter storm that hit Texas and other US states to be a major loss event for the insurance industry and has maintained its previous “low three-digit-million euro” loss range for the Beirut port explosion in August last year.

Munich Re P&C returns to profit in Q4 as FY Covid bill reaches €3.4bn

Munich Re reported a fourth-quarter operating result of €179mn ($216.9mn) in its P&C reinsurance division, compared with a loss of €30mn in Q4 2019, while experiencing average rate increases of 2.4 percent at 1 January.

Axa, Zurich and Munich Re stop insuring Russia’s Nord Stream 2 on US sanctions threat

European (re)insurers including Axa, Munich Re Syndicate and Zurich are among 18 companies to have pulled out of Russia’s Nord Stream 2 gas pipeline project in the face of US sanctions.

Events company sues WR Berkley/Munich Re for $100mn more of Covid cover

Emerald Holdings has sued two Lloyd’s syndicates seeking another $100mn of coverage on its event cancellation policy, with the lawsuit following the trade show operator already receiving $100mn of insurance payments for cancelled events as a result of Covid-19.

Axa XL hires Munich Re’s Yeats to lead LatAm reinsurance

Axa XL has turned to Munich Re’s Michael Yeats to fill its vacant head of Latin America reinsurance role, The Insurer can reveal.

Munich Re backs tech firm Span in $20mn funding round

Munich Re has led a $20mn funding round for San Francisco-based smart home technology start-up Span.

Jefferies singles out Conduit, Hannover Re and Munich Re as hard market beneficiaries

Conduit, Hannover Re and Munich Re have been singled out by Jefferies analysts as the listed reinsurers most likely to benefit from continued firming in reinsurance rates.

Olympic cancellation threat brings risk of contingency losses reaching $3bn

Speculation that the postponed Tokyo Olympics could now be cancelled has raised the prospect of worst-case losses for insurers of up to $3bn, although if the event goes ahead behind closed doors that would substantially reduce the bill for the contingency sector, The Insurer understands.

Levy to step down as president and CEO of Munich Re America

Marcus Winter is to become president and CEO of Munich Re America in April with the incumbent Steve Levy set to retire.

Munich Re: Record hurricane season and wildfires drive 2020 insured nat cat losses to $82bn

Munich Re has pegged the insurance industry’s exposure to natural catastrophe losses in 2020 at $82bn, a near 44 percent increase from the previous year.

Munich Re investment arm takes 50% stake in CA solar farm

Munich Re Group’s investment arm has acquired a 50 percent stake in the Lone Valley solar park in California’s San Bernardino County.

Three small letters that will be big in 2021

The insurance industry has always been keen on three-letter acronyms – or TLAs for short – and developments this week highlight how much it has taken a new one to its heart.

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