Latest news with #MunichRe
National Post
11 hours ago
- Business
- National Post
HSB Canada Marks its 150th Anniversary
Article content Article content TORONTO — HSB Canada is celebrating its 150th anniversary as the specialty insurer looks ahead to its continuing evolution from the age of steam to cyber risks and high-tech equipment in a connected world. Article content In a world powered by steam boilers, HSB Canada was founded in 1875, taking a scientific approach to the perils of the day, when explosions were commonplace and deadly. The company combined inspections, engineering, and insurance to help prevent accidents and provide the coverage and services customers needed to recover and get back in business. Article content Over the years, HSB Canada has been at the forefront of new technologies, offering products and services that protect businesses and individuals, helping prevent losses and advancing energy sustainability. Article content 'It is in HSB's DNA to leverage its technical expertise to manage risks and develop market-oriented solutions for emerging exposures,' said Barbara Bellissimo, president and chief executive officer of HSB Canada. 'HSB Canada's founders showed remarkable foresight in aligning accident prevention with insurance coverage. We have remained true to this principle and today operate with a startup mindset.' Article content HSB Canada provides cyber risk, equipment breakdown, and service line insurance for homes and businesses, and renewable energy all-risk, and specialty liability coverage. Article content HSB Group, part of Munich Re, is a leading provider of equipment breakdown and other specialty insurance, inspections, engineering, and technology services. Article content HSB Canada HSB Canada, part of Munich Re, is a multi-line specialty insurer and provider of inspection and risk management. HSB Canada's insurance offerings include equipment breakdown, cyber risk, and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB's mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions, and consumers. HSB holds A.M. Best Company's highest financial rating, A++ (Superior). For more information, visit and connect on LinkedIn and Facebook. Article content Munich Re Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re leverages its strengths to promote its clients' business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence. In the 2024 financial year, Munich Re generated insurance revenue of €60.8bn and a net result of €5.7bn. The Munich Re Group employed about 44,000 people worldwide as of 31 December 2024. Article content Article content Article content Article content Contacts Article content Article content Article content
Business Insider
4 days ago
- Business
- Business Insider
Munich Re price target raised to EUR 610 from EUR 600 at Citi
Citi raised the firm's price target on Munich Re (MURGY) to EUR 610 from EUR 600 and keeps a Neutral rating on the shares. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Bloomberg
7 days ago
- Business
- Bloomberg
Cyberattack Surge Creates Opportunity for Insurers, Prompts Rethink on Premiums
A recent surge in high-profile cyberattacks is offering an opportunity for insurers including Munich Re AG and Chubb Ltd. to cash in from a rapidly expanding market — and prompting a rethink on premiums. As artificial intelligence makes attacks more widespread and devastating, Munich Re expects the global cyber insurance market to reach $16.3 billion in 2025, up from $15.3 billion in 2024. Global premium volume is expected to more than double to around $30 billion by 2030, growing at an average annual rate of more than 10%.
CNBC
25-05-2025
- Business
- CNBC
European insurance giants take $3.5 billion hit from Los Angeles wildfires — beating estimates
Financial losses stemming from the California wildfires earlier this year have risen to at least $3.5 billion for European insurance giants, according to CNBC's calculations. The insured losses, mainly from reinsurance claims, are being borne by 10 large, listed firms in Europe, mainly centered in Germany, the U.K., Switzerland and France. Germany-listed Munich Re and Hannover Re, two of the largest reinsurance firms, together booked nearly $2 billion in losses. Switzerland-listed firms Swiss Re and Zurich collectively reported $830 million in hits. London-listed companies Hiscox, Lancashire Insurance, Conduit Re and Beazley reported losses of amounting to nearly $500 million. French companies Scor and AXA also reported $167 million and $100 million losses, respectively. The total hit far exceeds the billion dollars expected from analysts in the immediate aftermath of the wildfires. While the total economic loss due to the disaster was expected to be around $50 billion, JPMorgan analysts had expected insured losses of around $20 billion. Berenberg analyst Michael Huttner told CNBC that the losses were much larger than anticipated at most insurance firms because the wildfires were a "combination of unusual and big." The uncontained nature of the wildfire was one factor leading to the large losses, he said. However, the analyst added that profits generated by the companies far exceeded expectations, and pointed to the resiliency of the sector amid large natural disasters. In late April, Swiss Re further raised the estimate for insured losses to $40 billion from the LA fires, making it one of the deadliest and most expensive disasters for California. The death toll from the wildfires that ravaged the greater Los Angeles area, covering Eaton and Palisades, rose to 30 after human remains were found among the charred houses. Millions have been displaced, and thousands of homes and buildings have been destroyed. CNBC's tally would leave European companies on the hook for nearly a tenth of total insured losses. Reinsurance firms offer policies to primary insurance providers, like Chubb, which are present in California and directly deal with customers on the ground. The reinsurance policies typically only kick in after about 400 million euros worth of losses are absorbed by the primary insurance provider. Outside of Europe, Japanese reinsurers Tokio Marine and Sompo disclosed nearly 50 billion yen ($348 million) in losses, significantly higher than the $63 million estimated by JPMorgan analysts in the days after the fire. If Swiss Re's forecast for total insured losses comes to fruition, the Los Angeles wildfire would be four times more devastating than wildfires of the past. In 2018, wildfires in California cost the whole industry around $16 billion in losses. During that event, Munich Re absorbed the largest share of the loss at 500 million euros. The experience of that disaster and others has led to per-event deductibles (or excess) rising from 100 million euros to 400 million euros today. The losses to insurers, both in the U.S. and Europe, have also been partly reduced by the introduction of the FAIR Plan, a pooled fund built with contributions from multiple insurance providers in California. The system is expected to absorb the bulk of the losses first before private insurance companies begin paying out.
Reuters
21-05-2025
- Business
- Reuters
Finland's Stora Enso to sell 12.4% of Swedish forests for about $1 billion
May 21 (Reuters) - Finnish forestry group Stora Enso ( opens new tab said on Wednesday it is divesting 12.4% of its Swedish forest holdings for an enterprise value of 900 million euros ($1.02 billion). The divestiture is anticipated to reduce the group's adjusted EBITDA by about 25 million euros per year and is expected to reduce net debt by 790 million euros, the company said. Stora Enso will retain a 15% ownership interest in the new entity, while Soya Group will own 40.6% and a consortium led by MEAG, the asset manager for Munich Re of Germany, will hold a 44.4% stake. The company and the divested entity will also enter into a 15-year wood supply agreement with a possible additional 15-year extension to secure wood availability for Stora Enso's Swedish business units. Stora Enso reported its divestment plans in October last year in a move to reduce debt and strengthen its balance sheet. The company in April reported that its adjusted earnings before interest and taxes rose to 175 million euros in the first quarter, surpassing analysts' 124.9 million euro forecast in a poll by Vara Research. ($1 = 0.8832 euros)
