Munich Re

The carrier said it expected its Milton losses to fall below its EUR500mn ($537mn) Helene loss.

Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.

The peril can no longer be considered secondary, according to Gallagher Re.

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

CFO Christoph Jurecka declined to give a loss estimate for the Baltimore Bridge loss.

The carrier reported a P&C re net result up 44% to EUR1.8bn.

Proceeds from the sale will be used to fund sustainable development projects.

Munich Re said it saw no reason to lower its expectations.

The carrier announced a capital repatriation plan of EUR3.5bn.

Munich Re has renewed the first tranche of its Eden Re sidecar for 2024, listing $28.5mn of Class A notes on the Bermuda Stock Exchange, a roughly 62% increase on last year.

The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.

Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.