Results
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The venture will launch in early 2026 and include captives, ART, cyber ILS and specialty (re)insurance elements. -
The outcome of Eaton Fire subrogation is an uncertainty for some vehicles.
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Carriers are grappling with a rush of investor interest in longer-tail lines.
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On a nine month basis, fee income was up nearly 30% to $146mn.
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The shuttering of Munich Re Ventures reflected a focus on the reinsurer’s “core offering”.
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The carrier attributed the results to a significant fall in major-loss expenditure.
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The largest net individual loss was January’s California wildfires at EUR615mn.
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Pre-tax income at the vehicle was $30mn in the first nine months of 2025.
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The firm said this was due to planned returns of capital to ongoing investors.
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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.
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Operating revenues were also up on the $29.1mn reported over Q2.
