munich re News

2013 Floods Prove Positive Results from Defense Measures: Munich Re

A study from Munich Re notes that although natural catastrophe losses in 2013 were dominated by floods, “detailed analyses have shown that protective measures can drastically reduce losses. For example, the June 2013 floods in Germany and neighboring countries proved …

Aon Benfield Securities Completes Quake Protection for Israeli insurer I.D.I.

Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, announced that it has “successfully completed a ‘Cat in the Box’ transaction for I.D.I. Insurance Company Ltd. (Israel Direct Insurance), protecting the insurer against …

Falling Reinsurance Rates Presage Sector Shake-out

A slump in reinsurance prices is playing to the strengths of the biggest global reinsurers, while piling pressure on smaller competitors to diversify or consolidate. Reinsurers, which help insurers shoulder risk in exchange for part of the profit, this month …

Munich Re Opening New Office in Minnesota

Global reinsurer, Munich Re, announced it is expanding its presence in the U.S. health reinsurance business with the opening of a new regional office in Minnetonka, Minn. The company said this decision was taken to seize opportunities arising from the …

Munich Re to Buy Hartford Steam Boiler Unit’s Headquarters Building in Conn.

Munich Re, the world’s largest reinsurer, said its Hartford Steam Boiler agreed to buy the 24-story building that serves as the unit’s headquarters. The structure at One State Street in Hartford, Connecticut, will be purchased from the Hines real estate …

Munich Re’s Review of 2013 Cat Losses Focuses on Weather-Related Events

In its annual review of loss events in the past year, Munich Re emphasized the “exceptionally high losses from weather-related catastrophes in Europe and Supertyphoon Haiyan,” which, the report said, “dominated the overall picture of natural catastrophes in 2013. “Floods …

Swiss Re Shares Drop as Reinsurance Renewal Prices Fall: Zurich Mover

Swiss Re Ltd., the world’s second – biggest reinsurer, fell the most in six months in Zurich trading after Willis Re said reinsurance prices slid by as much as 25 percent in the Jan. 1 renewals round. Swiss Re declined …

Best Affirms Ratings of Hartford Steam Boiler Group’s Members

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A++’ (Superior) and the issuer credit ratings (ICR) of “aa+” of the members of The Hartford Steam Boiler Group (HSB). In addition A.M. Best Europe – Rating Services Limited …

Europe 9 Month Nat Cat Losses $23 Billion+; Trending Upwards: Munich Re

A report from Munich Re estimates that losses due to natural catastrophes totaled €17 billion [$23.24 billion] in Europe in the first nine months of 2013, “dominated by flood losses, which accounted for a share of 75 percent.” The world’s …

Munich Re Names Kaufmann Chief Risk Officer

Munich Re announced the appointment of Bernhard Kaufmann (44) to the post of Group Chief Risk Officer, effective as of January 1, 2014. He succeeds Joachim Oechslin, who will be joining the Executive Board of the Credit Suisse Group from …