Munich Re

The carrier noted that the nat cat loss figure for 2019 was EUR2.05bn, almost double that of the year before.

Reinsurers pegged 2019 nat cat losses 23 percent lower than the 10-year average, but prior-year disasters created headlines.

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.

The funds raised for Eden Re II this renewal have reached $285mn down from $300mn last year.

The reinsurer pegged 2019 cat losses at $52bn, in line with long-term averages but 40 percent lower than 2018.

The vehicle sits alongside Munich Re's more broadly placed Eden Re sidecar.

The reinsurer was among the blue-chip cedants to benefit from an earlier renewal and occurrence structure.

It has raised a preliminary $54.6mn of debt for the vehicle, which provided $300mn of limit last year.

The vehicle is a PGGM investment with Munich Re, complementing the latter's Eden sidecar.

The carrier said it anticipated larger losses from Typhoon Hagibis in Q4 than those generated by the Q3 catastrophes.

Munich Re now has a stake of about 27.5 percent in Next Insurance.

The Munich Re Innovation Syndicate will underwrite a wide range of business starting in 2020.