Munich Re
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The Munich Re Innovation Syndicate will underwrite a wide range of business starting in 2020. -
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.
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The carrier said its P&C reinsurance major-loss expenditure for Q4 was EUR886mn, almost double that of the prior-year quarter.
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People moves in the industry in the past month.
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Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.
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A new $213mn issuance has been added to an $87mn Eden Re tranche done in December.
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The bond has been launched with the same initial price guidance as last year’s issuance.
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