Christian Mumenthaler News

Swiss Re Reports Larger-Than-Expected Annual Loss of US$878 Million

Swiss Re swung to a larger-than-expected annual loss on Friday, pressured by $3.9 billion in claims and reserves related to the coronavirus pandemic, but declared a dividend as the reinsurer expects a return to profit in 2021. Swiss Re and …

Swiss Insurers Oppose Tighter Immigration Rules, Says Swiss Re CEO in News Report

Switzerland’s insurance industry is against tightening the country’s immigration rules, a move that will be put to voters this year, Swiss Re Chief Executive Christian Mumenthaler told Handelszeitung newspaper. Mumenthaler is the latest business figure to lobby against the proposals, …

Swiss Re Reports Q1 Loss of $225M as Impact of COVID-19 Crisis Begins to Hit

Reinsurer Swiss Re swung into a net loss in the first quarter of 2020 as the impact of the coronavirus outbreak began to bite, it said on Thursday. The Zurich-based company booked a hit of $476 million for anticipated and …

Swiss Re 2019 Profit Hit by Natural Disasters, U.S. Casualty Claims

Reinsurer Swiss Re reported on Thursday a smaller-than-expected profit in 2019 due to claims for a series of man-made and natural disasters, as well as expenses for its U.S. casualty business, sending its shares lower. Net profit in the year …

Swiss Re to Sell U.K. Insurer ReAssure to Phoenix Group for $4.3B in Cash, Shares

Swiss Re announced an agreement to sell its U.K. life subsidiary ReAssure Group plc to Phoenix Group Holdings plc. As part of the agreement, which values ReAssure at £3.25 billion ($4.3 billion), Swiss Re will receive a cash payment of …

Is the Reinsurance Cycle Dead or Just Dormant? Executives Discuss New Realities

Many reinsurance executives have been left scratching their heads in surprise after last year’s natural catastrophes, which cost a whopping $100 billion but ended up having very little impact on rates. The insurance and reinsurance market isn’t behaving as it …

Insurance Protection Gap Is Growing Global Problem; Swiss Re, RenRe & WTW Comment

The insurance protection gap. It’s a phrase that will be increasingly heard over the coming years – because it is getting bigger. The protection gap is the difference between insured losses and economic losses, or uninsured losses. The protection gap …

Swiss Re Posts $468M 9-Month Loss, Anticipates Re/Insurance Rate Hikes

A rise in insurance premiums, especially in areas affected by recent hurricanes and disasters, will help Swiss Re recover from almost half a billion dollars of losses in the first nine months of this year, it said on Thursday. “We …

Natural Disasters Begin to Hit Profits of Global Reinsurers

A profit warning from one of the world’s largest reinsurers is the latest sign that the death and destruction from a spate of hurricanes and earthquakes in North America are now taking a toll on the titans of global finance. …

Swiss Re Q1 Net Income Drops by 45% on Cyclone Debbie Claims

Swiss Re reported net income of US$656 million during the first quarter of 2017, a 45 percent drop from $1.2 billion reported in the same period last year. Swiss Re’s Q1 result was hammered by expected claims from natural catastrophe …