Munich Re

US severe thunderstorms caused insured losses of $17bn during the first half.

The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.

The segment’s lustre has been dulled by losses and capital trapping.

The unit recorded EUR100mn in Ukraine losses on specialty lines during the quarter, while the group suffered a heavy investment impact from the war.

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.

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.

The total has come in 19% below the $235mn vehicle listed in 2021.

The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.

The reinsurer typically renews the deal in two parts each year.

Munich Re CFO Christoph Jurecka reaffirmed the carrier’s commitment to cat business and revealed an expectation of further price increases in 2022.

The reinsurer revised its full-year P&C CoR to 100% after third-quarter storms.

Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.