Munich Re
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The reinsurer was among the blue-chip cedants to benefit from an earlier renewal and occurrence structure. -
It has raised a preliminary $54.6mn of debt for the vehicle, which provided $300mn of limit last year.
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The vehicle is a PGGM investment with Munich Re, complementing the latter's Eden sidecar.
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The carrier said it anticipated larger losses from Typhoon Hagibis in Q4 than those generated by the Q3 catastrophes.
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Munich Re now has a stake of about 27.5 percent in Next Insurance.
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The Munich Re Innovation Syndicate will underwrite a wide range of business starting in 2020.
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The reinsurer said that Hurricane Dorian could cause “considerable flooding”, which could impact the National Flood Insurance Program.
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The reinsurer released EUR360mn of reserves during the quarter.
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The reinsurer expects to post EUR1bn of profit for the quarter, beating the analyst consensus of EUR654mn.
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The insurer’s cat losses for the first quarter totalled EUR195mn.
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In a note to investors Matt Carletti ranked catastrophe aggregate programmes as being set to see the largest price rises.
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The restructure also includes CEO Dirk Lohmann becoming Schroder’s head of ILS.
