Insurance Journal » munich re http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Thu, 17 Apr 2014 17:01:45 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 2013 Floods Prove Positive Results from Defense Measures: Munich Re http://www.insurancejournal.com/news/international/2014/04/01/324909.htm Tue, 01 Apr 2014 10:22:34 +0000 http://www.insurancejournal.com/?p=324909 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 …

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Aon Benfield Securities Completes Quake Protection for Israeli insurer I.D.I. http://www.insurancejournal.com/news/international/2014/03/05/322244.htm Wed, 05 Mar 2014 14:57:42 +0000 http://www.insurancejournal.com/?p=322244 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 …

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Falling Reinsurance Rates Presage Sector Shake-out http://www.insurancejournal.com/news/international/2014/02/25/321458.htm Tue, 25 Feb 2014 16:20:59 +0000 http://www.insurancejournal.com/?p=321458 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 …

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Munich Re Opening New Office in Minnesota http://www.insurancejournal.com/news/midwest/2014/02/06/319743.htm Thu, 06 Feb 2014 17:24:17 +0000 http://www.insurancejournal.com/?p=319743 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 …

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Munich Re to Buy Hartford Steam Boiler Unit’s Headquarters Building in Conn. http://www.insurancejournal.com/news/east/2014/01/23/318194.htm Thu, 23 Jan 2014 17:29:35 +0000 http://www.insurancejournal.com/?p=318194 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 …

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Munich Re’s Review of 2013 Cat Losses Focuses on Weather-Related Events http://www.insurancejournal.com/news/international/2014/01/07/316204.htm Tue, 07 Jan 2014 11:29:02 +0000 http://www.insurancejournal.com/?p=316204 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 …

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Swiss Re Shares Drop as Reinsurance Renewal Prices Fall: Zurich Mover http://www.insurancejournal.com/news/international/2014/01/03/316007.htm Fri, 03 Jan 2014 13:12:47 +0000 http://www.insurancejournal.com/?p=316007 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 …

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Best Affirms Ratings of Hartford Steam Boiler Group’s Members http://www.insurancejournal.com/news/national/2013/10/28/309457.htm Mon, 28 Oct 2013 16:43:54 +0000 http://www.insurancejournal.com/?p=309457 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 …

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Europe 9 Month Nat Cat Losses $23 Billion+; Trending Upwards: Munich Re http://www.insurancejournal.com/news/international/2013/10/21/308721.htm Mon, 21 Oct 2013 10:28:47 +0000 http://www.insurancejournal.com/?p=308721 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 …

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Munich Re Names Kaufmann Chief Risk Officer http://www.insurancejournal.com/news/international/2013/10/08/307462.htm Tue, 08 Oct 2013 10:00:01 +0000 http://www.insurancejournal.com/?p=307462 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 …

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Alternative Capital Dominates Discussions at Reinsurance Rendez-vous http://www.insurancejournal.com/news/international/2013/09/11/304778.htm Wed, 11 Sep 2013 11:21:57 +0000 http://www.insurancejournal.com/?p=304778 The 57th Reinsurance Rendez-vous is winding down, and, while it’s been another successful networking opportunity for the re/insurance industry’s movers and shakers, most of the discussions have ended on a note of uncertainty. The elephant in the room this year …

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Munich Re Sees Stable Reinsurance Rates in January Renewals http://www.insurancejournal.com/news/international/2013/09/09/304478.htm Mon, 09 Sep 2013 10:40:02 +0000 http://www.insurancejournal.com/?p=304478 Munich Re, the world’s biggest reinsurer, said it expects stable rates for its property and casualty reinsurance at January price negotiations. “Prices will remain largely stable, chiefly due to the still comparatively low interest rates,” for proportional business in which …

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Capital Oversupply Could Pressure Reinsurers to Lower Rates http://www.insurancejournal.com/news/international/2013/09/04/303914.htm Wed, 04 Sep 2013 15:58:30 +0000 http://www.insurancejournal.com/?p=303914 Munich Re and Swiss Re Ltd. are among reinsurers likely to face further pressure to lower the rates they charge clients as the capital available for backing policies remains near a record high, brokers said. “With the influx of new …

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Munich Re Supports Quake Prevention Project in India http://www.insurancejournal.com/news/international/2013/04/12/288189.htm Fri, 12 Apr 2013 10:18:51 +0000 http://www.insurancejournal.com/?p=288189 Munich Re announced that it is supporting a prevention project in a region in India that is prone to earthquakes. The two-year project in conjunction with GeoHazards International, is aimed at protecting people, buildings and infrastructure in Aizawl, a city …

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Court Says Trial Must Decide Travelers, Reinsurers Asbestos Case http://www.insurancejournal.com/news/national/2013/02/08/280599.htm Fri, 08 Feb 2013 13:31:28 +0000 http://www.insurancejournal.com/?p=280599 New York state’s highest court on Thursday said a trial must determine whether Travelers Cos. deliberately structured a nearly $1 billion asbestos settlement to force its reinsurers to pay more than their fair share. The ruling, the latest development in …

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Too Early to Know Cost of 787 Dreamliner Claims, Says Boeing’s Insurer http://www.insurancejournal.com/news/international/2013/01/30/279420.htm Wed, 30 Jan 2013 20:40:23 +0000 http://www.insurancejournal.com/?p=279420 Boeing Co. has some insurance in case its aircraft are grounded, but it is far too soon to say whether the problems with the 787 Dreamliner will lead to significant claims, the head of the planemaker’s lead insurer said on …

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Munich Re in Performance Guarantee Deal with China’s Yingli Green Energy http://www.insurancejournal.com/news/international/2012/12/12/273622.htm Wed, 12 Dec 2012 10:58:15 +0000 http://www.insurancejournal.com/?p=273622 Munich Re said it is “reinsuring performance guarantees that Chinese photovoltaic manufacturer Yingli Green Energy gives to its customers for multi-crystalline modules. The insurance solution covers the long-term technology performance risk of Yingli’s photovoltaic modules under an agreement with Yingli …

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Munich Re First to Offer Offshore Wind Energy Serial Loss Coverage http://www.insurancejournal.com/news/international/2012/12/04/272620.htm Tue, 04 Dec 2012 10:46:25 +0000 http://www.insurancejournal.com/?p=272620 Munich Re announced that it has “become the first insurance group to offer serial loss cover for offshore wind energy units. Corresponding cover for a North Sea wind farm has been signed by Marcus A. Wassenberg, Chief Financial Officer of …

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Best Affirms Munich Re and Subs ‘A+’ Ratings; Outlook Stable http://www.insurancejournal.com/news/international/2012/12/03/272472.htm Mon, 03 Dec 2012 11:07:16 +0000 http://www.insurancejournal.com/?p=272472 A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of Munich Reinsurance Company and its subsidiaries. Best also affirmed all of Munich Re’s debt rating. The outlook for all …

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Munich Re Study Focuses on Rising ‘Cyber Crime’ http://www.insurancejournal.com/news/international/2012/11/29/272145.htm Thu, 29 Nov 2012 11:07:59 +0000 http://www.insurancejournal.com/?p=272145 “Cyber attacks are a reality and companies need to prepare themselves,” warns Munich Re in a recently released study – “Cost of Cyber Crime” – conducted by the Ponemon Institute. “Advancements in the IT sector are opening up new applications, …

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Munich Re Reports Q2 Profit over $1 Billion; 1st Half near $2 Billion http://www.insurancejournal.com/news/international/2012/08/07/258458.htm Tue, 07 Aug 2012 12:58:44 +0000 http://www.insurancejournal.com/?p=258458 Munich Re’s second quarter earnings report notes that it achieved a consolidated profit of €812 million [$1.007 billion], compared to the €738 million [$915.12 million] it reported in Q2 2011. The report indicated that “underwriting business performed well,” as it …

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Flood Risks Rampant across Asia’s Factory Zones; Insurers Concerned http://www.insurancejournal.com/news/international/2012/07/23/256741.htm Mon, 23 Jul 2012 11:02:50 +0000 http://www.insurancejournal.com/?p=256741 Global insurance companies are struggling to get a grip on their flood exposure in Asia nearly a year after one of the world’s costliest disasters hit Thailand, with executives fearing an even worse event may strike the region. Some firms …

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Geneva Association Survey Targets ‘Inappropriate Regulation,’ Economic Crisis http://www.insurancejournal.com/news/international/2012/07/18/256010.htm Wed, 18 Jul 2012 10:30:37 +0000 http://www.insurancejournal.com/?p=256010 A bulletin from the insurance think tank The Geneva Association notes that “leaders of the insurance industry have significant concerns about the effects of inappropriate regulation and the effects of the current economic crisis,” according to a survey it conducted. …

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Cancelling London Olympics Would Cost over $4.9 Billion: Munich Re http://www.insurancejournal.com/news/international/2012/07/16/255728.htm Mon, 16 Jul 2012 10:00:09 +0000 http://www.insurancejournal.com/?p=255728 Cancelling the London Olympics due, for example, to a security threat would result in damages of more than €4 billion ($4.9 billion), Andrew Duxbury, underwriting manager at Munich Re, told a German newspaper. “This was the sum of the insurable …

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6 Month Insured Losses at $12 Billion; Nat Cats Less Costly: Munich Re http://www.insurancejournal.com/news/international/2012/07/13/255516.htm Fri, 13 Jul 2012 10:32:25 +0000 http://www.insurancejournal.com/?p=255516 Natural catastrophe losses were “relatively moderate” in the first six months of 2012, concludes Munich Re’s assessment for the first six months of the year. Overall global losses up to the end of June were in the order of $26 …

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Re/insurers Join Efforts to Support UN’s Principles for Sustainable Insurance http://www.insurancejournal.com/news/international/2012/06/25/252763.htm Mon, 25 Jun 2012 10:23:51 +0000 http://www.insurancejournal.com/?p=252763 A number of insurers and reinsurers have agreed to join the UN-backed set of Principles for Sustainable Insurance. The initiative aims to provide insurance tools for risk management in support of environmental, social and economic sustainability.  A bulletin from UK-based …

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Munich Re Q1 Profit Tops $1 Billion; Gross Premiums over $17 Billion http://www.insurancejournal.com/news/international/2012/05/08/246654.htm Tue, 08 May 2012 10:21:24 +0000 http://www.insurancejournal.com/?p=246654 Munich Re bounced back from the disaster plagued first quarter of 2011, posting a profit of €782 million [$1.019 billion] in the first quarter of 2012, compared to a €948 million [$1.352 billion] loss lost year. Gross written premiums from …

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Microinsurance in Rapid Expansion Says ILO, Munich Re Report http://www.insurancejournal.com/news/international/2012/04/10/242676.htm Tue, 10 Apr 2012 10:16:41 +0000 http://www.insurancejournal.com/?p=242676 According to the Microinsurance Innovation Facility of the International Labor Organization and the Munich Re Foundation, “the number of microinsurance schemes worldwide has increased substantially over the past five years and now reaches an estimated 500 million worldwide.” Microinsurance has …

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Ratings Recap: Solid, Jevco, Argus Group, Munich Re (bonds) http://www.insurancejournal.com/news/international/2012/04/02/241695.htm Mon, 02 Apr 2012 09:35:50 +0000 http://www.insurancejournal.com/?p=241695 A.M. Best Europe – Rating Services Limited has upgraded the financial strength rating to ‘B++’ (Good) from B+ (Good) and the issuer credit rating to “bbb” from “bbb-” for Sweden’s SOLID Forsakringsaktiebolag, both with stable outlooks. Solid’s ratings reflect its …

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Ratings Recap – Notes, Pref. Shares: Swiss Re, Fairfax, AXIS, Munich Re http://www.insurancejournal.com/news/international/2012/03/22/240427.htm Thu, 22 Mar 2012 10:57:24 +0000 http://www.insurancejournal.com/?p=240427 A.M. Best Co. has assigned a debt rating of “a+” to the recently issued CHF 320 million [$350 million] 7.25 percent perpetual subordinated notes with a stock settlement issued by Swiss Reinsurance Company Ltd., and has assigned a stable outlook. …

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