Munich Re

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.

The insurer has been under review with positive implications since March.

As the fires spread, the priority shifted from saving structures to saving lives.

Insured losses produced the second highest first-half tally since records began in 1980.

The executive has been with the company for roughly one year.

The executive was previously president of insurance programs.

It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.

There is a long waiting list of carriers looking to pull the IPO trigger, but market conditions remain tough.

It makes sense for Next to secure a sale as an exit strategy in an increasingly challenging funding environment.

The executive has managed both casualty and personal lines reinsurance books.

Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year.

Delegated underwriters are seeing an opportunity to write in the PVT market as an add-on to property coverage.

The carrier will look to expand business outside North America.

Hurricane Milton resulted in the largest insured loss of the year at $25bn.

Maria Long joins the cyber insurer from Munich Re as the company's deputy CUO.

The carrier attributed the intensification of storms this season to climate change.

The executive joins Munich Re from Amwins Global Risks.

Over 75% of insured losses attributable to severe thunderstorms, flooding and forest fires.

Munich Re’s capacity is backing insurance programs for municipalities, fire and emergency services as well as water facilities.

The executive was formerly AIG’s head of casualty claims.

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.

He replaces Joe Bonanno following a realignment of the E&S property leadership.

Current CEO John Mulvihill is retiring after 34 years with the specialty insurer.

Munich Re Specialty Insurance (MRSI) has promoted Jeffrey Marks to COO, effective immediately.

The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.

In addition to price, E&S insurers need to pay close attention to terms and conditions, as well as quality of risk.

Hohman succeeds Elizabeth Kramer following her recent appointment as president of E&S Lines. He will also become a member of the MRSI executive leadership team.

AM Best said market hardening was likely to continue through 2024, given global market conditions.

Liz King Kramer will be responsible for executing the sector’s business plan and driving growth.

A memo from the reinsurer raises concerns for cyber insurers over whether they could face a coverage gap after renewals.

Analysis of 2022 statutory data shows top US-exposed reinsurers grew assumed premiums 13% year-on-year in 2022.

Beneva has signed up to net-zero targets as a member of the NZIA, following a period of turbulence in which Munich Re, Zurich and Hannover Re have left the alliance.

She has served as interim CEO since January, after former CEO Michael Kerner was appointed as a board member.

Capitola operates as a digital market that connects brokers with carriers using AI for risk-appetite matching.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Industry climate alliances have received allegations from conservative politicians and regulators in the US that such commitments are illegal group activities that violate antitrust laws.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

Highlander has $300mn of insurance coverage, placed by Ed Broking and led by Munich Re Syndicate.

No successor will be named and some of Kuczinski’s responsibilities will be transferred to a new board division called GSI.

Michael Kerner, who joined Munich Re in 2018, has been appointed to lead the operation.

The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.

The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.

The carrier will no longer invest or insure contracts and projects directly relating to new oil and gas fields, new midstream oil infrastructure and new oil-fired power plants.

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

The loss comes hard on the heels of a large BI claim stemming from the Freeport LNG refinery.

With more than 25 years of industry experience, Karen Rzeszutko will lead the inland and ocean marine underwriting teams.

Dual’s crisis management team joined from Swiss Re in July 2021.

Scor has appointed Vanessa Contreras, its deputy team leader for professional lines, to Haynes’ old role overseeing all of US casualty.

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

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

Munich Re’s venture capital arm Munich Re Ventures has closed a $500mn Munich Re Fund II to invest in early-stage companies.

The ransomware surge is likely to lead to changes in the product, a shake-up in market share and challenges for MGAs.

Binding insurers include Chubb and AIG, with reinsurance from Munich Re.

HDVI is planning to launch in Illinois, Indiana, Ohio, and Minnesota, on top of its existing presence in Tennessee and Alabama.

The new unit will place cover for clients trading between the US and Canada.

The reinsurer says it is in discussion with clients and industry trade bodies on the issue.

Bob Parisi says the tie-up is a first step towards more accurate pricing and coverage for clients.

The reinsurer has around a 20% line on the broadcaster’s policy, with Willis Towers Watson acting as the broker.

Amazon also joined the investment round through its Alexa Fund.

Celerity will write public and private D&O business for the wholesale insurance market.

Bruno takes leading role in the MGA’s general aviation team.

The outgoing chief will stand down in April after 23 years with the carrier.

In five years’ time, the risk solutions unit will account for 30% of Munich Re’s P&C reinsurance portfolio.

The portfolio of InsurTech partnerships will now be overseen by the company’s specialty businesses in the US and UK.

Hudzik is a thirty-year plus veteran of the (re)insurance market having also worked at Endurance, Zurich and AIG.

Global clients and Bermuda are also in the CUO’s purview as he replaces Peter Röder on the reinsurer’s management board.

The start-up has appointed Kristi Matus, a former USAA CFO, as CFO and COO.

Spruce partners with lenders and real estate companies to offer title insurance to homebuyers.

The US tech giant has participated in three rounds at the Indian start-up, which is valued at around $500mn.

To what extent reinsurers will pick up a share of BI exposures is a thorny question.

The deal follows an earlier fronting agreement supported by Markel, Nephila and RenaissanceRe.

Axis Capital and Argo Group shares jumped nearly 5%, while shares in Arch, Travelers and Alleghany were all up more than 3%.

Move comes amid double-digit rate hardening in the US commercial auto market.

The airline has said that it does not expect a total loss to the $200mn policy with the aircraft repairable.

Munich Re has also temporarily stopped underwriting Jetty policies.

Swiss Re and Munich Re are both on risk for the $800mn Tokyo Olympics contingency policy.

Marsh is now seeking new carriers to cover pandemics as demand for its PathogenRX product rises.

Munich Re's move to pull back capacity to Hippo comes as reinsurers are looking more cautiously at InsurTechs.

Large losses push the group fourth-quarter result below expectations.

The insured loss total is more than one third down on the 2018 tally of $80bn.

The MGA will initially write mid-market cyber and professional liability business.

The executive will work alongside Diane Link, who joined Munich Re Specialty Insurance in April.

Suramericana is facing at least $150mn in claims from civil unrest in Chile over the last six weeks, the company has confirmed.