Munich Re
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The carrier is consolidating its venture capital activity into asset manager MEAG. -
Economic volatility, including from tariffs and rising interest rates, is reshaping risk profiles for specialty insurers.
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The insurer has been under review with positive implications since March.
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As the fires spread, the priority shifted from saving structures to saving lives.
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Insured losses produced the second highest first-half tally since records began in 1980.
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The executive has been with the company for roughly one year.
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The executive was previously president of insurance programs.
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It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.
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There is a long waiting list of carriers looking to pull the IPO trigger, but market conditions remain tough.
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It makes sense for Next to secure a sale as an exit strategy in an increasingly challenging funding environment.
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The executive has managed both casualty and personal lines reinsurance books.
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Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year.
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Delegated underwriters are seeing an opportunity to write in the PVT market as an add-on to property coverage.
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The carrier will look to expand business outside North America.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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Maria Long joins the cyber insurer from Munich Re as the company's deputy CUO.
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The carrier attributed the intensification of storms this season to climate change.
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The executive joins Munich Re from Amwins Global Risks.
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Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.
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Munich Re’s capacity is backing insurance programs for municipalities, fire and emergency services as well as water facilities.
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The executive was formerly AIG’s head of casualty claims.
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Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.
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He replaces Joe Bonanno following a realignment of the E&S property leadership.
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Current CEO John Mulvihill is retiring after 34 years with the specialty insurer.
