Munich Re News

Munich Re’s Profit Slumps as It Takes $1 Billion Hit to Investment Portfolio

Munich Re’s profit slumped as the reinsurer took a hit of almost $1 billion to its investment portfolio in a volatile quarter for financial markets. The Munich-based company wrote down the value of its holdings by 908 million euros ($926 …

Global Natural Disasters Cost Insurers $34 Billion in H1 2022: Munich Re

Global natural disasters during the first half of 2022 cost insurers about US$34 billion, which covered a little more than half of the overall $65 billion in losses from floods, earthquakes, and storms during the first six months, according to …

People Moves: Verisk Promotes Rayner to President of Specialty Business Solutions; Munich Re Appoints 2 Senior Leaders for Singapore and SE Asia

This edition of International People Moves details appointments at Verisk and Munich Re. A summary of these new hires follows here. Verisk Promotes Rayner to President of Specialty Business Solutions Verisk, the global data analytics provider, announced that Tim Rayner …

Munich Re Issues Green Bond in U.S. Market, in a First for a European Insurer

Following its successful placement of green bonds in 2020 and 2021, Munich Re has successfully placed its first green subordinated bond in a private placement to qualified institutional buyers in the U.S. market. By issuing this bond in the globally …

Munich Re Launches Validation Service for Artificial Intelligence Systems

Munich Re is aiming to enhance acceptance of artificial intelligence (AI) with its new CertAI validation service, which provides objective validation that AI systems are trustworthy. Companies from a variety of industries are currently investing in the development and deployment …

Natural Disasters, Ukraine War Weigh on Q1 Results of Europe’s Major Reinsurers

Three out of four of the major European reinsurers reported their profits were negatively affected as a result of elevated natural catastrophe claims and a first round of claims reserves from the Russia-Ukraine war, according to Fitch Ratings in a …

Howden, Munich Re and Skyline Develop Parametric Cover for Jamaica Farmers

Howden, the London-based insurance broker, has worked with Munich Re and Skyline Partners to develop a product that protects the Jamaican Co-operative Credit Union League (JCCUL) against non-repayment of micro-loans from farmers in the event of extreme weather. Approximately 100,000 …

Hong Kong-Based Digital Assets’ Insurer Weighs SPAC, Partners With Munich Re

OneDegree, a Hong Kong-based insurer of digital assets, has been approached by investment banks about going public through a blank-check company, its co-founder said. The firm, one of four with a so-called virtual insurer license in Hong Kong, expects to …

Munich Re Exits From Russian, Belarusian Business

Munich Re is joining other insurers, reinsurers and brokers that have withdrawn from business with Russia. Condemning Russia’s attack on Ukraine and supporting the sanctions, Munich Re said it will not renew existing contracts in Russia and Belarus, and new …

Munich Re Forecasts 14% Jump in 2022 Profit as It Reports Bounceback From Pandemic

German reinsurance group Munich Re on Wednesday forecast a 14% jump in profit this year as it reported a bounceback in 2021 from the coronavirus pandemic despite big claims from natural disasters. Marked by devastating hurricanes and cold snaps in …