Munich Re

Munich Re names Chang China CEO

Munich Re has appointed Steven Chang to the role of CEO, Greater China, succeeding Christoph Hoch, who returns to Germany after five years in the role.

Munich Re pegs H1 2019 nat cat insured losses at $15bn

Insured losses resulting from natural catastrophes in the first half of the year have cost the industry $15bn, representing slightly over a third of the $42bn economic loss, according to reinsurance giant Munich Re.

Munich Re expects Q2 profit to jump to Eur1bn

German powerhouse Munich Re has said it expects to make a profit of Eur1bn ($1.12bn) in the second quarter, delivering a consolidated result 37 percent higher than the Eur728mn in the same three-month period in 2018.

Munich Re on $416mn Vega space loss

Munich Re has confirmed that it is one of the insurers on the programme for the failed Vega rocket.

Grenfell Tower insurer loses arbitration dispute with Munich Re

Munich Re has won a dispute against Norwegian insurer Protector Forsikring relating to reinsurance contracts that cover the financial property loss following the devastating Grenfell Tower fire in 2017.

‘Light touch’ approval won’t change our strategy: Munich Re Syndicate’s CEO

The receival of automatic approval for its 2020 business plan at Lloyd’s will not change Syndicate 457’s approach to growing its business, Munich Re Syndicate CEO Thomas Artmann has told The Insurer.

Insurance limits insufficient for corporate needs

The amount of available limit from (re)insurers in the current marketplace is often too low to respond adequately to the needs of large corporates, according to Andy Caldwell, active underwriter of Barbican Syndicate 1955.

DE Shaw writes biggest share of Citizens’ 2019 placements

Collateralised reinsurer DE Shaw Re wrote just over 21 percent of the limit secured by Florida’s Citizens on the layers of its traditional programme placed at 1 June 2019, including a $100mn line on its new personal lines account (PLA) cover.

GIC and Munich Re team up on post-cat damage assessment analytics

Industry consortium the Geospatial Intelligence Center (GIC) has partnered with Munich Re to provide its insurer members with access to automated damage classification analytics that can be utilized following major catastrophes.

Phoon re-emerges as CEO of Munich Re Singapore

Munich Re has appointed the former chief exec of Canopius Asia, Linus Phoon as CEO of Singapore and Southeast Asia.

Munich Re P&C Q1 profit down a third due to attritional losses

Munich Re reported a net profit of Eur420mn ($470.4mn) in its P&C reinsurance division in the first quarter of 2019, down nearly a third from the Eur591mn it posted in the first quarter of 2018.

Munich Re Syndicate Singapore partners with coverholder Nectar

Munich Re Syndicate Singapore – the Asia-Pacific arm of the Dominick Hoare-led Lloyd’s syndicate – has continued its expansion in the region, entering a partnership with coverholder Nectar Specialty Risk.

Munich Re Specialty Insurance adds Edelstein as COO

Munich Re has named former Hiscox executive Adam Edelstein as COO of its new specialty insurance platform.

Munich Re reveals up to Eur120mn Boeing loss

Munich Re expects losses between Eur100mn and Eur120mn from the Ethiopian Airlines crash and subsequent grounding of Boeing 737 Max 8 planes. This follows fellow German reinsurer Hannover Re estimating losses in the low two-digit million euros.

Munich Re signals Eur1bn share buy-back; P&C unit returns to profit in 2018

German reinsurance powerhouse Munich Re has outlined plans to buy-back Eur1bn ($1.4bn) of shares in 2018 and has upped profit estimates for the year ahead as its P&C business swings back into the black.

Cincinnati Financial closes $134mn Lloyd’s acquisition

Cincinnati Financial has closed its acquisition of Munich Re’s Lloyd’s platform, MSP Underwriting Ltd.

Pool Re increases Munich Re-led XoL program to £2.3bn

Pool Re, the UK state-backed terrorism mutual, has once again expanded its Munich Re-led XoL retro treaty to a new record size of £2.3bn and has reached a new milestone of over 50 different participants on the program, according to sources.