Munich Re

The Munich Re vehicle funded by Dutch pension fund service provider PGGM has reached $400mn for 2019.

Daniel Ohn has joined the reinsurer as an ILS structurer in New York.

The ILS investor says 7 percent annual returns have made the asset class an attractive opportunity for the fund.

Eden Re provided $300mn of retro support for Munich Re in 2018 across a couple of debt issuances.

The outbreak is eligible for cover under a 2018 pandemic cat bond sponsored by the World Bank.

There have been 452 confirmed cases in the latest Ebola outbreak.

The reinsurer said cyclone losses were above average with global insured losses at $25bn.

The Italian insurer also plans to renew its Azzurro Re I cat bond next year.

Reinsurance market sources expected Hurricane Michael to cause insured industry losses of $10bn, but the limited number of public loss estimates released to date suggest Florida insurers are hoping it will remain below this level.

It will take an additional EUR350mn in Q4 from Trami and Michael.

Munich Re said there was growing pressure for underwriting discipline.

The Bay and Gulf counties in Florida are likely to the bear the brunt of Hurricane Michael losses.