Munich Re
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Earlier this week, Munich Re doubled the target size of its Queen Street 2023 Re DAC cat bond to $200mn, after initially seeking to raise $100mn. -
The reinsurer is now hoping to raise $200mn of Class A principal-at-risk variable-rate notes priced at 800bps.
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The reinsurer is seeking indemnity per occurrence for named storms across the US, Washington DC and Puerto Rico.
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Overall the group’s net result is likely to exceed consensus at EUR1.3bn.
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The executive will stand for election at RenRe’s AGM in May.
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The reinsurer’s retro programme was renewed at a smaller size for 2023.
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The reinsurer reported risk-adjusted prices up 2.3% based on conservative inflation and other assumptions.
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The sidecar has stepped down in size over the past three years.
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The full size of the sidecar for 2023 will be known when Class B notes are issued in January.
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The carrier is predicting its insurance revenues to reach around EUR58bn, while ROI will be at least 2.2%.
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The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
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The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
