Munich Re
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He replaces Joe Bonanno following a realignment of the E&S property leadership.
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Current CEO John Mulvihill is retiring after 34 years with the specialty insurer.
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Munich Re Specialty Insurance (MRSI) has promoted Jeffrey Marks to COO, effective immediately.
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The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.
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In addition to price, E&S insurers need to pay close attention to terms and conditions, as well as quality of risk.
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Hohman succeeds Elizabeth Kramer following her recent appointment as president of E&S Lines. He will also become a member of the MRSI executive leadership team.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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Liz King Kramer will be responsible for executing the sector’s business plan and driving growth.
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A memo from the reinsurer raises concerns for cyber insurers over whether they could face a coverage gap after renewals.
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Analysis of 2022 statutory data shows top US-exposed reinsurers grew assumed premiums 13% year-on-year in 2022.
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Beneva has signed up to net-zero targets as a member of the NZIA, following a period of turbulence in which Munich Re, Zurich and Hannover Re have left the alliance.
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She has served as interim CEO since January, after former CEO Michael Kerner was appointed as a board member.
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Capitola operates as a digital market that connects brokers with carriers using AI for risk-appetite matching.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Industry climate alliances have received allegations from conservative politicians and regulators in the US that such commitments are illegal group activities that violate antitrust laws.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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Highlander has $300mn of insurance coverage, placed by Ed Broking and led by Munich Re Syndicate.
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No successor will be named and some of Kuczinski’s responsibilities will be transferred to a new board division called GSI.
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The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.
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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target.
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The carrier will no longer invest or insure contracts and projects directly relating to new oil and gas fields, new midstream oil infrastructure and new oil-fired power plants.
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US severe thunderstorms caused insured losses of $17bn during the first half.
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The loss comes hard on the heels of a large BI claim stemming from the Freeport LNG refinery.
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With more than 25 years of industry experience, Karen Rzeszutko will lead the inland and ocean marine underwriting teams.
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Dual’s crisis management team joined from Swiss Re in July 2021.
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Scor has appointed Vanessa Contreras, its deputy team leader for professional lines, to Haynes’ old role overseeing all of US casualty.
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The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.
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Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
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Munich Re’s venture capital arm Munich Re Ventures has closed a $500mn Munich Re Fund II to invest in early-stage companies.
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The ransomware surge is likely to lead to changes in the product, a shake-up in market share and challenges for MGAs.
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Binding insurers include Chubb and AIG, with reinsurance from Munich Re.
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HDVI is planning to launch in Illinois, Indiana, Ohio, and Minnesota, on top of its existing presence in Tennessee and Alabama.
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The new unit will place cover for clients trading between the US and Canada.
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The reinsurer says it is in discussion with clients and industry trade bodies on the issue.
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Bob Parisi says the tie-up is a first step towards more accurate pricing and coverage for clients.
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The reinsurer has around a 20% line on the broadcaster’s policy, with Willis Towers Watson acting as the broker.
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Amazon also joined the investment round through its Alexa Fund.
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Celerity will write public and private D&O business for the wholesale insurance market.
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Bruno takes leading role in the MGA’s general aviation team.
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The outgoing chief will stand down in April after 23 years with the carrier.
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In five years’ time, the risk solutions unit will account for 30% of Munich Re’s P&C reinsurance portfolio.
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The portfolio of InsurTech partnerships will now be overseen by the company’s specialty businesses in the US and UK.
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Hudzik is a thirty-year plus veteran of the (re)insurance market having also worked at Endurance, Zurich and AIG.
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Global clients and Bermuda are also in the CUO’s purview as he replaces Peter Röder on the reinsurer’s management board.
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The start-up has appointed Kristi Matus, a former USAA CFO, as CFO and COO.
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Spruce partners with lenders and real estate companies to offer title insurance to homebuyers.
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The US tech giant has participated in three rounds at the Indian start-up, which is valued at around $500mn.
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To what extent reinsurers will pick up a share of BI exposures is a thorny question.
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The deal follows an earlier fronting agreement supported by Markel, Nephila and RenaissanceRe.
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Axis Capital and Argo Group shares jumped nearly 5%, while shares in Arch, Travelers and Alleghany were all up more than 3%.
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Move comes amid double-digit rate hardening in the US commercial auto market.
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The airline has said that it does not expect a total loss to the $200mn policy with the aircraft repairable.
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Munich Re has also temporarily stopped underwriting Jetty policies.
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Swiss Re and Munich Re are both on risk for the $800mn Tokyo Olympics contingency policy.
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Marsh is now seeking new carriers to cover pandemics as demand for its PathogenRX product rises.
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Munich Re's move to pull back capacity to Hippo comes as reinsurers are looking more cautiously at InsurTechs.
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Large losses push the group fourth-quarter result below expectations.
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The insured loss total is more than one third down on the 2018 tally of $80bn.
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The MGA will initially write mid-market cyber and professional liability business.
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The executive will work alongside Diane Link, who joined Munich Re Specialty Insurance in April.
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Suramericana is facing at least $150mn in claims from civil unrest in Chile over the last six weeks, the company has confirmed.
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The new executive will oversee all of the group’s US financial operations.
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Improvements in pricing are not enough to match the spike in loss costs.
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His comments came shortly before Munich Re raised the curtain on its latest $250mn investment, Next Insurance.
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The German carrier will maintain an investment relationship with the InsurTech.
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The executive moves from the role of regional leader of professional liability and cyber reinsurance.
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The Series C round implies a “unicorn” valuation for the InsurTech of over $1bn.
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The Sompo and Munich Re-backed startup is planning to focus on business partnerships.
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Broad cargo coverage is failing to match premium volume, Munich Re’s Sean Dalton said at Iumi’s conference.
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The Bermuda company will acquire run-off portfolios from the Australian branches of Great Lakes Insurance and HSB Engineering Insurance.
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The reinsurer predicts annual cyber market premium expansion of between 25 percent to 30 percent.
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Talks are underway between the Silicon Valley firm and venture investors over the next raise, at a valuation of over $1bn.