Munich Re
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Primary unit Ergo was among the positive drivers that eclipsed above-average, Texas-storm-driven major losses within P&C re. -
The carrier is “very optimistic” on Japanese and US renewals this year, and outlined plans for growth in various lines and regions.
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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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The carrier revealed 10.9% premium volume growth at 1.1.
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Last year cat losses were highly dispersed across a large number of events with no single loss above $10bn.
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The total value of Eden Re has fallen 17% compared with 2020.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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The initial $55.1mn bond is slightly above the equivalent December 2019 issuance.
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The German carrier pegs the full-year impact of the pandemic on its reinsurance operations at EUR3.4bn.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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“Non-Covid” claims in the quarter also came in above average, with the Beirut blast its largest man-made loss.
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The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
