reinsurer News

Munich Re Expects $1 Billion Bill For Coronavirus Claims

FRANKFURT — Munich Re said on Thursday it expected to receive claims for canceled or postponed events because of the coronavirus crisis in excess of 1 billion euros ($1.08 billion) this year after it posted a 65% drop in first-quarter …

Farmers, Aspen Re, Atlas Announce Appointments

Noh Replaces Myhan as Farmers CFO Farmers Insurance announced the appointment of Thomas Noh as the new chief financial officer of the policyholder-owned Farmers Insurance Exchanges, which consists of Farmers Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange. Noh …

Berkshire’s Jain Offers Plan to Reduce Costs at Gen Re

Ajit Jain, one of Warren Buffett’s top managers at Berkshire Hathaway Inc., has a message for the staff that he oversees at Gen Re: It’s time for their business to get much leaner and less bureaucratic. After taking charge of …

XL Confirms Possibility of Acquiring Catlin Group

Acknowledging the announcement made by Catlin Group Limited, XL Group plc confirmed that it is engaged in preliminary discussions with Catlin regarding a potential transaction to acquire the company and form a combined entity. “Both XL and Catlin – respected, …

Disasters Caused Less Damage in 2013: Munich Re

Natural catastrophes like floods and storms claimed more than 20,000 lives and caused around $125 billion in damage worldwide in 2013, well below the average of the last decade, reinsurer Munich Re said on Tuesday. The world’s largest reinsurer said …

Swiss Re Sees 2013 Total Disaster Cost at $130B

Swiss Re AG, the second-largest reinsurer worldwide, said natural and man-made catastrophes in 2013 caused $130 billion in economic losses tied to floods, hailstorms and other events. Insured losses fell to $44 billion from $81 billion a year earlier, Swiss …

Hannover Re Sees Higher Rates in Germany on Floods, Hailstorms

Hannover Re, the world’s third- largest reinsurer, said it expects higher rates for insurance and reinsurance in Germany following this year’s flooding and hailstorms, which led to the most costly claims in 30 years. “In view of the considerable losses …

Iran Ship Insurer Will Meet Western Claims

Tough new U.S. sanctions against Iran are raising concern that the OPEC member’s insurers may not be able to pay Western claims in the event of an accident, but Iran’s main ship insurer said it is confident it would be …

Munich Re Profits Plunge Amid Multiple Disasters

Reinsurer Munich Re says a series of severe earthquakes and other natural catastrophes combined with the European debt crisis has sent its profits plunging in 2011. The reinsurer, which writes backup insurance for primary insurers, said Thursday it still managed …