Munich Re
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The total has come in 19% below the $235mn vehicle listed in 2021. -
The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.
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The reinsurer typically renews the deal in two parts each year.
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Munich Re CFO Christoph Jurecka reaffirmed the carrier’s commitment to cat business and revealed an expectation of further price increases in 2022.
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The reinsurer revised its full-year P&C CoR to 100% after third-quarter storms.
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Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
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The sale represents a 4% stake in the UK motor insurer, according to Jefferies.
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The preliminary result was achieved despite EUR600mn losses from Bernd damages, as well as EUR1.2bn losses from Hurricane Ida.
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The carrier also cited increasing continental cyber losses as a factor in continued market hardening.
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The reinsurer said European property reinsurance rates may "catch up" with global rates in the wake of the disaster.
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The carrier benefited from a shrinking of large losses and strong investment returns.
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The carrier lifts premium by 17.1% at the April renewals.
