Munich Re News

Best Affirms Munich Re and Subs Ratings; Outlook Stable

A.M. Best has affirmed the financial strength rating of ‘A+’ (Superior) and the issuer credit ratings of “aa-” of Munich Reinsurance Company and its subsidiaries. Best has also affirmed the “issue ratings” of Munich Re, as well as the ICR …

Munich Re Working with Clients to Develop Solutions for ‘Digitalization’

A bulletin from Munich Re notes that the “risk landscape for insurers and their clients is changing faster than ever before, especially in terms of technologies, services, sales channels and demand patterns.” As a result the world’s largest reinsurer has …

XL Innovate, XL Group’s Venture Capital Company, Acquires New Energy Risk

Dublin-based XL Group plc announced that XL Innovate*, the venture capital fund sponsored by the company, has acquired all of the shares of New Energy Risk Inc. “New Energy Risk has developed and delivered to the market unique performance warranty products …

Update: Buffett Cuts Munich Re Shareholding, Responds to Reinsurance Slump

Warren Buffett’s Berkshire Hathaway Inc. has cut its stake in Munich Re after lamenting a slump in the reinsurance business. Berkshire’s holding was lowered to 9.7 percent from about 12 percent, Munich Re said in a statement Tuesday, citing a …

Munich Re, Marsh Introduce Pharma Coverage for Regulatory Actions

Munich Re and Marsh & McLennan Cos., the largest insurance broker by market value, introduced a product to insure U.S. pharmaceutical companies against regulatory actions that could cause them to suspend manufacturing. The product would cover as much as $10 …

Marsh, Munich Re Launch Non-Damage Business Interruption Coverage for Life Sciences

Marsh and Munich Re have launched non-damage business interruption insurance (NDBI) product that combines risk transfer and consulting services to assist life sciences companies in managing the impact of regulatory actions imposed by the U.S. Food and Drug Administration (FDA). …

Governments Must Act to Cap Global Warming at UN Summit: Reinsurers

Politicians must act to cap global warming when they meet at a United Nations summit at the end of the year as the financial and humanitarian consequences of natural catastrophes become ever clearer, reinsurers meeting at an industry conference said. The $600 …

Massive California Blazes, And It’s Not Even Official Wildfire Season Yet

A pair of massive blazes in the Northern California are a bleak reminder of how bad things can get in a state with persistent drought and windy conditions. A more worrisome thought is California’s official wildfire season has yet to …

Reinsurers Seek New Markets, Underinsured Risks to Ease Price Pressures

Major reinsurers like Munich Re, Swiss Re, Hannover Re are looking to new markets and selling more cover to existing clients to ease price pressures after several years of falls, they said at their annual meeting in Monte Carlo this week. “I believe that …

Reinsurers Expect Continued Downward Pressure on Pricing During 2016

The world’s largest reinsurers and brokers see little relief in pricing in 2016 amid a relentless influx of alternative capital from pension funds and one of the past decade’s quietest years for catastrophe losses. Rates for property-and-casualty reinsurance are expected to show …