munich re News

Munich Re Second-Quarter Profit Rises 45% on Investment Gains

Munich Re, the world’s biggest reinsurer, said second-quarter profit rose 45 percent helped by higher investment income. Net income advanced to €765 million ($1.02 billion) from €528 million [$706 million] a year earlier, the company said in a statement today. …

Best Revises Insurance Holding Company and Debt Ratings: Companies Affected

A.M. Best announced that it has made some revisions to the criteria it uses in constructing its ratings reports, which will “provide clarification on several issues related to the rating of an insurance company’s debt, including A.M. Best’s approach to …

Strong Euro Decreases Munich Re’s Q1 Net Profit, Premium Income

The world’s largest reinsurer, Munich Re, reported an almost 5 percent drop in net profit in the first quarter, as a strong euro dragged down premium income.   “Despite negative currency effects, we almost matched the outstanding result of the …

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 …