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.
