Munich Re
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU. -
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.
