Reinsurance giant Munich Re has nearly reached its full-year profit target for 2018 after the first nine months of the year, however its Q3 results were hit by catastrophe losses and profitability was boosted by reserve releases during the period. Munich Re has reported profit of €2,038m for the first nine months of 2018,… Continue reading Munich Re Closes on Full-Year Profit Target After Less Profitable Q3
Tag: reinsurance
Swiss Re “Not Afraid” of Brexit Outcome: CEO Mumenthaler
Reinsurance giant Swiss Re is “not afraid” of the potential effects that the UK’s departure from the European Union (EU) may have on the economy and on the company’s ability to do business, according to its Chief Executive Officer (CEO), Christian Mumenthaler. Speaking in an interview with Bloomberg TV, Mumenthaler explained that, while the… Continue reading Swiss Re “Not Afraid” of Brexit Outcome: CEO Mumenthaler
Swiss Re Reports $1.1B Net Income for the Nine Months 2018
Swiss Re reported a Group net income of $1.1 billion for the first nine months of 2018 compared to a loss of $468 million for the same period a year ago, despite an estimated claims burden of $1.6 billion from natural catastrophes and large man-made events in the reporting period. While the Group’s property and… Continue reading Swiss Re Reports $1.1B Net Income for the Nine Months 2018
Neuberger Berman Broadens Alternative Capabilities with Acquisition of ILS Manager Cartesian Re and Affiliated Reinsurer Iris Re
Neuberger Berman has broadened its alternative investment platform through the acquisition of specialist asset manager Cartesian Re, which with its affiliate Iris Re, manages more than $1 billion in assets under management (AUM) focusing on the insurance-linked strategies (ILS) asset class. Cartesian Re was developed as a portfolio company of Cartesian Capital Group, which will… Continue reading Neuberger Berman Broadens Alternative Capabilities with Acquisition of ILS Manager Cartesian Re and Affiliated Reinsurer Iris Re
W. R. Berkley Scales Back Reinsurance Segment in 2018
W. R. Berkley’s reinsurance unit maintained underwriting discipline in the third-quarter of 2018, shrinking the business by 14% to $119 million in light of intense competition and the soft area of the market, according to the firm’s Chief Financial Officer (CFO), Richard Baio. The insurance and reinsurance holding company has reported net income of $162… Continue reading W. R. Berkley Scales Back Reinsurance Segment in 2018
Swiss Re Said to Discuss Investment in Insurer Anbang with China
Swiss Re AG has held discussions with Chinese authorities about an investment in embattled insurer Anbang Insurance Group Co., people with knowledge of the matter said. Swiss Re is among parties that have been approached as China seeks to find fresh funds to shore up the insurer, according to the people. The Zurich-based reinsurer hasn’t… Continue reading Swiss Re Said to Discuss Investment in Insurer Anbang with China
Everest Re Announces Preliminary Estimate of Net Catastrophe Losses for Q3
Everest Re Group, Ltd. announced a preliminary pre-tax catastrophe loss estimate for the third quarter of 2018 of $240 million, net of reinsurance. The estimate includes third quarter 2018 losses from Hurricane Florence, California wildfires, Typhoon Jebi, Typhoon Trami and Japan floods. Commenting on these events, Dom Addesso, the Company’s President and Chief Executive Officer,… Continue reading Everest Re Announces Preliminary Estimate of Net Catastrophe Losses for Q3
Hannover Re’s Fifth Catastrophe Bond Transaction Raises Total Issuance for Clients to $1.5B in 2018
Hannover Re has completed the fifth catastrophe bond transaction for clients this year, raising the total issuance volume to $1.5 billion in 2018. “This year, we have once again provided protection for our clients against a multitude of risks,” said Henning Ludolphs, managing director retrocession and capital markets at Hannover Re. “The variety of cedants… Continue reading Hannover Re’s Fifth Catastrophe Bond Transaction Raises Total Issuance for Clients to $1.5B in 2018
Italian Bridge Tragedy Adds to ‘Large’ Claims at Swiss Re
Swiss Re AG said it will post relatively “large” losses from claims in the third quarter, as man-made disasters including the collapse of a bridge in Italy add to damage from storms. Natural disaster claims, mainly from Japan and North America, totaled $1.1 billion in the period, the reinsurer said in a statement from Zurich.… Continue reading Italian Bridge Tragedy Adds to ‘Large’ Claims at Swiss Re
Activists Kick Up a New Storm for Reinsurers
On top of tropical storms and disruptive new sources of capital, reinsurers face a fresh threat: activist investors. RenaissanceRe, a specialist Bermuda-based, New York-listed reinsurer, is being urged to sell itself by TimesSquare Capital Management, a longstanding shareholder that has decided to go activist. French reinsurer Scor is also facing demands from practiced activist CIAM… Continue reading Activists Kick Up a New Storm for Reinsurers