Munich Re
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The shuttering of Munich Re Ventures reflected a focus on the reinsurer’s “core offering”. -
The carrier attributed the results to a significant fall in major-loss expenditure.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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He added that Munich Re does not rely on retro or third-party.
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The target allocation to Munich Re, Elementum and the run-off AlphaCat funds fell in the year to 30 June 2025.
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The reinsurer’s chair said cat pricing reductions are at a “miniscule level”.
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Insured losses produced the second highest first-half tally since records began in 1980.
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CFO Christoph Jurecka will succeed as management board chair.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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Hurricane Milton accounted for 60% of the firm’s Q4 large loss tally.
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The carrier expects the market loss to land at $35bn-40bn.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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The firm said it benefited from favourable retro market conditions.
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The carrier attributed the intensification of storms this season to climate change.
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The carrier said it expected its Milton losses to fall below its EUR500mn ($537mn) Helene loss.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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The peril can no longer be considered secondary, according to Gallagher Re.
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Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.
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CFO Christoph Jurecka declined to give a loss estimate for the Baltimore Bridge loss.
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The carrier reported a P&C re net result up 44% to EUR1.8bn.
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Proceeds from the sale will be used to fund sustainable development projects.
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Munich Re said it saw no reason to lower its expectations.
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The carrier announced a capital repatriation plan of EUR3.5bn.
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Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.
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The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
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Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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Flooding in Italy during the second quarter cost the German reinsurer around EUR200mn.
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The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.
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The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets.
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The deal priced 50 basis points below guidance.
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Earlier this week, Munich Re doubled the target size of its Queen Street 2023 Re DAC cat bond to $200mn, after initially seeking to raise $100mn.
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The reinsurer is now hoping to raise $200mn of Class A principal-at-risk variable-rate notes priced at 800bps.
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The reinsurer is seeking indemnity per occurrence for named storms across the US, Washington DC and Puerto Rico.
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Overall the group’s net result is likely to exceed consensus at EUR1.3bn.
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The executive will stand for election at RenRe’s AGM in May.
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The reinsurer’s retro programme was renewed at a smaller size for 2023.
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The reinsurer reported risk-adjusted prices up 2.3% based on conservative inflation and other assumptions.
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The sidecar has stepped down in size over the past three years.
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The full size of the sidecar for 2023 will be known when Class B notes are issued in January.
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The carrier is predicting its insurance revenues to reach around EUR58bn, while ROI will be at least 2.2%.
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The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
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The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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Thomas Blunck has been appointed to succeed Torsten Jeworrek as chair of the board of management’s reinsurance committee, effective 1 January 2023.
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The reinsurer is working to find the right inflation indicators for individual client portfolios.
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The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.
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The price for risk carrying is no longer insufficient, Munich Re's CEO said in a Monte Carlo briefing.
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The carrier said pricing on property quota share, particularly in the US, was not keeping pace with inflation.
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US severe thunderstorms caused insured losses of $17bn during the first half.
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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
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The segment’s lustre has been dulled by losses and capital trapping.
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The unit recorded EUR100mn in Ukraine losses on specialty lines during the quarter, while the group suffered a heavy investment impact from the war.
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The reinsurer said nat-cat business is one of its most profitable lines but emphasised that it will also chase growth in life and health and Ergo to reduce long-term volatility.
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Munich Re’s P&C re unit reported a Q4 consolidated result of EUR648mn ($735mn), a sixfold increase year on year, as the carrier announced 14.5% premium growth at the 1.1 renewals.
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The total has come in 19% below the $235mn vehicle listed in 2021.
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The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.
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The reinsurer typically renews the deal in two parts each year.
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Munich Re CFO Christoph Jurecka reaffirmed the carrier’s commitment to cat business and revealed an expectation of further price increases in 2022.
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The reinsurer revised its full-year P&C CoR to 100% after third-quarter storms.
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Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
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The sale represents a 4% stake in the UK motor insurer, according to Jefferies.
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The preliminary result was achieved despite EUR600mn losses from Bernd damages, as well as EUR1.2bn losses from Hurricane Ida.
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The carrier also cited increasing continental cyber losses as a factor in continued market hardening.
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The reinsurer said European property reinsurance rates may "catch up" with global rates in the wake of the disaster.
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The carrier benefited from a shrinking of large losses and strong investment returns.
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The carrier lifts premium by 17.1% at the April renewals.
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Primary unit Ergo was among the positive drivers that eclipsed above-average, Texas-storm-driven major losses within P&C re.
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The carrier is “very optimistic” on Japanese and US renewals this year, and outlined plans for growth in various lines and regions.
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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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The carrier revealed 10.9% premium volume growth at 1.1.
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Last year cat losses were highly dispersed across a large number of events with no single loss above $10bn.
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The total value of Eden Re has fallen 17% compared with 2020.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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The initial $55.1mn bond is slightly above the equivalent December 2019 issuance.
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The German carrier pegs the full-year impact of the pandemic on its reinsurance operations at EUR3.4bn.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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“Non-Covid” claims in the quarter also came in above average, with the Beirut blast its largest man-made loss.
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The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
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The European reinsurance chief says interest rates and loss experience drive the carrier’s hardening stance.
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The deal follows an earlier fronting agreement supported by Markel, Nephila and RenaissanceRe.
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Major reinsurance carriers like Munich Re, Hannover Re and MS Amlin are significant providers to some of the state's regional carriers, analysis suggests.
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Retro capital is being trapped, but cyber and other non-cat risks show promise.
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CUO Golling calls for government-backed national pools with parametric triggers and mandatory coverage.
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The market is also interested in more liquid cat bonds, the reinsurer said at a press conference on Monday.
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The carrier will also take low triple-digit-million euro hit from Laura, Hanna and Isaias.
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The top 10 carriers continue to write the lion’s share of global premiums.
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He replaces Oliver Horbelt who becomes CFO of Munich Re of America.
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Major losses from natural catastrophes were comparatively low at EUR167mn for the quarter.
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Six-month figures beat long-term average of $20bn with North American natural disasters driving the majority of the losses.
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Lower-than-average major losses helped offset nearly $800mn in pandemic-related claims.
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The German reinsurer’s performance “will decline” this year amid Covid-19 turmoil.
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Christoph Jurecka said he was "not sure if I buy in" to high-end loss estimates that Covid-19 will be the biggest catastrophe loss ever.
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Catastrophe losses were EUR208mn, up 6.6 percent from last year.
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The carrier said its solvency ratio remains within its target range.
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Munich Re will provide initial capacity but ILS investors have been approached for future cover.
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But the carrier’s CEO stressed the importance of moderation in the price hikes.
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The carrier noted that the nat cat loss figure for 2019 was EUR2.05bn, almost double that of the year before.
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Reinsurers pegged 2019 nat cat losses 23 percent lower than the 10-year average, but prior-year disasters created headlines.
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Sidecar capacity is likely to be down by at least 20 percent year on year after a renewal in which ILS investors have pulled back significant capacity, sources estimated.
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The funds raised for Eden Re II this renewal have reached $285mn down from $300mn last year.
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The reinsurer pegged 2019 cat losses at $52bn, in line with long-term averages but 40 percent lower than 2018.
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The vehicle sits alongside Munich Re's more broadly placed Eden Re sidecar.
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The reinsurer was among the blue-chip cedants to benefit from an earlier renewal and occurrence structure.
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It has raised a preliminary $54.6mn of debt for the vehicle, which provided $300mn of limit last year.
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The vehicle is a PGGM investment with Munich Re, complementing the latter's Eden sidecar.
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The carrier said it anticipated larger losses from Typhoon Hagibis in Q4 than those generated by the Q3 catastrophes.
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Munich Re now has a stake of about 27.5 percent in Next Insurance.
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The Munich Re Innovation Syndicate will underwrite a wide range of business starting in 2020.
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The reinsurer said that Hurricane Dorian could cause “considerable flooding”, which could impact the National Flood Insurance Program.
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The reinsurer released EUR360mn of reserves during the quarter.
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The reinsurer expects to post EUR1bn of profit for the quarter, beating the analyst consensus of EUR654mn.
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The insurer’s cat losses for the first quarter totalled EUR195mn.
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In a note to investors Matt Carletti ranked catastrophe aggregate programmes as being set to see the largest price rises.
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The restructure also includes CEO Dirk Lohmann becoming Schroder’s head of ILS.
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The carrier said its P&C reinsurance major-loss expenditure for Q4 was EUR886mn, almost double that of the prior-year quarter.
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People moves in the industry in the past month.
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Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.
