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Annual Report
Annual Report 2006–2007 Group of Thirty 30 Group of Thirty, Washington, DC Copies of this paper are available from: Group of Thirty 1726 M Street, N.W., Suite 200 Washington, DC 20036 Tel.: (202) 331-2472, Fax (202) 785-9423 E-mail: [email protected] WWW: http://www.group30.org Annual Report 2006–2007 Published by Group of Thirty© Washington, DC 2008 Table of Contents I. Introduction ..................................................................................... 5 II. The Group of Thirty Membership ................................................... 7 III. The Work of the Group of Thirty in FY2006 and FY2007 ........... 13 Plenary Sessions .......................................................................... 13 International Banking Seminars ................................................. 13 Study Group Activities ................................................................ 14 Publications ................................................................................. 16 IV. The Finances of the Group .......................................................... 19 Annex 1. Past Membership of the Group of Thirty .......................... 31 Annex 2. Schedule of Meetings and Seminars: .............................. 33 Annex 3. International Banking Seminars ...................................... 35 Annex 4. Plenary Sessions ............................................................... 37 Annex 5. The Group of Thirty (G30) Study on Reinsurance and International Financial Markets ............................................ -
Annual Report 2007
Annual Report 2007 hannover re R CONTENTS 1 Boards and officers 7 Management report 8 Economic climate 8 Business development 11 Development of the individual lines of business 17 Investments 19 Human resources 22 Sustainability report 24 Risk report 31 Forecast 35 Other information 37 Proposal for the distribution of profits 38 Accounts 38 Balance sheet 42 Profit and loss account 45 Notes 71 Auditors' report 72 Report of the Supervisory Board 76 Declaration of conformity 77 Glossary KEY FIGURES of Hannover Re +/- previous in Mio. EUR 2007 2006 2005 2004 2003 year Gross written premium 6,652.6 -13.0% 7,644.6 6,340.4 6,095.2 6,539.3 Net premium earned 4,979.3 -12.4% 5,685.3 4,383.8 4,030.8 3,695.3 Underwriting result 5) (111.1) -176.3% 145.6 (95.5) (42.8) 60.7 Allocation to the equalisation reserve and similar provisions (309.1) -312.6% 145.4 228.3 232.5 301.8 Investment result 451.2 -43.6% 799.9 895.7 584.7 578.2 Pre-tax profit 438.1 +69.3% 258.7 376.1 149.1 133.2 Profit or loss for the financial year 272.0 +38.8% 196.0 374.6 120.6 114.9 Investments 18,106.1 -2.1% 18,499.7 16,699.4 13,465.3 11,670.8 Capital and reserve 2,085.83) 2,085.83) 2,085.82)3) 1,215.8 1,292.51) Equalisation reserve and similar provisions 1,406.5 -18.0% 1,715.6 1,570.3 1,342.0 1,109.5 Net technical provisions 13,286.7 +2.0% 13,022.7 12,471.9 9,844.2 8,286.7 Total capital, reserves and technical provisions 16,779.0 -0.3% 16,824.1 16,128.0 12,402.0 10,688.7 Number of employees 660 +6 654 628 599 569 Retention 73.9% 74.2% 68.3% 67.8% 56.8% Loss ratio 4)5) 80.0% 72.7% 76.7% 79.6% 80.3% Expense ratio 4) 25.2% 25.4% 26.4% 20.1% 16.1% Combined ratio 4)5) 105.2% 98.1% 103.1% 99.7% 96.4% 1) including surplus debenture (Genussrechtskapital) 2) including allocation to reserves proposed by the Annual General Meeting 3) including subordinated liabilities 4) excluding life reinsurance 5) from the 2006 financial year onwards the option of including special allocations to the provisions for outstanding claims in the non-technical account rather than the technical account will no longer be exercised. -
Annual Report 2008
Annual Report 2008 hannover re R CONTENTS 1 Boards and officers 6 Management report 6 Economic climate 7 Business development 10 Development of the individual lines of business 15 Investments 17 Human resources 20 Sustainability report 22 Risk report 28 Forecast 33 Other information 35 Accounts 36 Balance sheet 40 Profit and loss account 43 Notes 69 Auditors' report 70 Report of the Supervisory Board 74 Declaration of conformity 75 Glossary KEY FIGURES of Hannover Re +/- previous Figures in EUR million 2008 2007 2006 2005 2004 year Gross written premium 7,328.7 +10.2% 6,652.6 7,644.6 6,340.4 6,095.2 Net premium earned 5,429.4 +9.0% 4,979.3 5,685.3 4,383.8 4,030.8 Underwriting result 1) 78.9 -171.0% (111.1) 145.6 (95.5) (42.8) Allocation to the equalisation 33.6 110.9% (309.1) 145.4 228.3 232.5 reserve and similar provisions Investment result 66.9 -85.2% 451.2 799.9 895.7 584.7 Pre-tax profit (104.2) -123.8% 438.1 258.7 376.1 149.1 Profit or loss for the financial year (209.6) -177.1% 272.0 196.0 374.6 120.6 Investments 17,885.1 -1.2% 18,106.1 18,499.7 16,699.4 13,465.3 Capital and reserve 1,878.82) -9.9% 2,085.82) 2,085.82) 2,085.82)3) 1,215.8 Equalisation reserve and similar provisions 1,440.1 +2.4% 1,406.5 1,715.6 1,570.3 1,342.0 Net technical provisions 14,145.0 +6.5% 13,286.7 13,022.7 12,471.9 9,844.2 Total capital, reserves and technical provisions 17,463.9 +4.1% 16,779.0 16,824.1 16,128.0 12,402.0 Number of employees 708 +48 660 654 628 599 Retention 75.2% 73.9% 74.2% 68.3% 67.8% Loss ratio 1)4) 74.0% 80.0% 72.7% 76.7% 79.6% Expense ratio 4) 24.5% 25.2% 25.4% 26.4% 20.1% Combined ratio 1)4) 98.5% 105.2% 98.1% 103.1% 99.7% 1) including allocation to reserves proposed by the Annual General Meeting 2) including subordinated liabilities 3) excluding life reinsurance 4) from the 2006 financial year onwards the option of including special allocations to the provisions for outstanding claims in the non-technical account rather than the technical account will no longer be exercised. -
TAL Life Boosts Revenue, Strips Internal Costs, and Serves Advisers and Customers with Amazing Speed
TAL Life boosts revenue, strips internal costs, and serves advisers and customers with amazing speed Automation Solutions The Insurer Not-taken-up rates remained The traditional roots of TAL Life unchanged, and losing sales through Limited (TAL) go as far back as underwriting was unacceptable to 1869 when it began as the New advisers and TAL. Zealand Government Life Office. Later known as TOWER Life, it To make matters worse, customers acquired several Australian life were ending up without the insurance companies during the coverage they needed, and some 1990s. Dai-ichi Life Insurance walked away disillusioned with the Company Limited of Japan became process. Advisers demanded a better a minority shareholder in 2008, and faster solution. Any failure to Automation Solutions moving to full ownership in May satisfy changing needs risked TAL Munich Re 2011, when the company became losing pace as a market leader. Mountain View, Central Park, known as TAL Life. Dai-ichi is the Leopardstown, Dublin 18, second largest life insurer in Japan According to David Denison, Head Ireland. and seventh largest in the world with of Product at TAL, “Our objective Tel: + 353 1 293 2888 assets nearing AUD$400 billion. was to launch a completely new and Automation Solutions Japan Its operations in Japan, Australia, revolutionary customer and adviser Munich Re Vietnam, India, and Thailand employ proposition, to turn underwriting Sanno Park Tower 13F, 57,000 direct staff and 40,000 times on their head. We wanted 85 PO Box 13, 2-11-1 Nagatacho, representatives. percent of underwriting decisions Chiyoda-ku, Tokyo 100-6113, accomplished within three days.” Japan. -
Munich Re Specialty Insurance a Claims Team Like No Other
Munich Re Specialty Insurance A claims team like no other We have what it takes to handle Legal Professional Liability and Miscellaneous Professional Liability claims professionally, efficiently, and expertly. The MRSI Claims team has decades of experience in professional lines and understands your business innately. Our team includes licensed attorneys with trial experience, and we are experts in claims strategy and litigation management. Most importantly, we handle your claims with the utmost diligence and professionalism. Our E&S professional liability team knows the importance of a close partnership between underwriting and claims. Because of this, we speak your language and can protect you by foreseeing claim pitfalls. Your MRSI team Mary Beth McClellan Chuck Kroh Chief Claims Officer Head of Core Specialty and P&C Claims MRSI [email protected] [email protected] Melanie Brown Bill Quackenboss Head of Complex Claims Claims Practice Lead MRSI [email protected] [email protected] Ed Kozel Sarah Gurka Claims Practice Lead Claims Manager [email protected] Public Entity and Financial and Professional Lines [email protected] Mary Beth McClellan is MRSI’s Chief Chuck Kroh is MRSI’s Head of Core Bill Quakenboss is MRSI’s Claims Claims Officer. Mary Beth has a wealth of Specialty and P&C Claims. Chuck has Practice Lead. Bill has nearly 20 years of knowledge in insurance, claims, and headed Specialty Markets claims for over experience in advising on coverage litigation management spanning North 10 years, with 20 years of claims matters and claims-handling practices. America’s P&C markets. Prior to joining management expertise. Chuck has over Prior to joining MRSI, Bill served as an MRSI, she was Practice Leader for the 35 years of insurance industry Associate General Counsel at Markel Americas at AXA XL for Excess & experience, and manages with an Insurance, where he provided guidance Surplus, Global Programs, U.S. -
Baden-Baden 2019 Day 1
Insight and Intelligence on the European and International (Re)insurance Markets 20 OCTOBER 2019 SUNDAY BADEN-BADEN Reinsurers brace for squeezed returns as retro costs set to bite uropean property catastrophe Reinsurance underwriters added that Etreaty reinsurers fear a second year Key points the trend seen in the US and Japan of of squeezed returns as they face being increasingly specific pricing, with rate caught between flat inwards pricing c European loss experience has been increases strongly tied to loss-affected and steepening retrocession costs at benign and globally 2019 does not regions, risks or individual clients, is the 1 January renewal. look to have been an above-average increasingly evident within Europe. Insurers on the continent have experienced cat year Even European cedants with some losses another relatively benign year for cat events. c Hagibis, Faxai and Dorian will put are likely to argue that they have paid Globally, despite creep on Typhoon Jebi some pressure on retro capital, enough in premiums in loss-free years to losses in the first half, as well as Hurricane driving up prices justify a flat renewal rate this year, sources Dorian and typhoons Faxai and Hagibis, c Increasing retro costs plus said. 2019 does not yet appear to be an above- anticipated flat European property Reinsurers, on the other hand, are arguing average cat loss year. cat treaty rates will squeeze for increases after a decade-long downward This 2019 loss record, coupled with a long reinsurers’ returns trend in European property cat treaty benign period for cat claims in Europe and c Some cedants are starting rates which has left pricing at levels many a continued abundance of capacity, means negotiations early in a bid to lock in consider unsustainable. -
Report International Conference on Inclusive Insurance 2020 Digital Edition
Report International Conference on Inclusive Insurance 2020 Digital Edition Edited by Zahid Qureshi and Dirk Reinhard Report International Conference on Inclusive Insurance 2020 — Digital Edition Conference documents and This report is the summary of the Inter- presentations are available online: national Conference on Inclusive Insur- ance — Digital Edition, which took place from 2 to 6 November 2020. Individual summaries, in various styles, were contributed by a team of international www.inclusiveinsurance.org rapporteurs. Readers, authors and organisers might not share all opinions expressed or agree with the recommen- dations given. These, however, reflect the rich diversity of the discussions. Over 70 speakers participated in the conference. Report International Conference on Inclusive Insurance 2020 — Digital Edition 1 Contents 1 Contents 31 Agenda 61 Agenda 2 Foreword Day 3—4 November 2020 Day 5—6 November 2020 3 Acknowledgements How to reach scale and develop Lessons learnt and next steps 4 Participant overview inclusive insurance markets 62 Session 16 5 Agenda 32 Session 8 Technology driving Day 1—2 November 2020 Integrated risk inclusive insurance Inclusive insurance management solutions amidst a pandemic 65 Session 17 36 Session 9 The ups and downs of 6 Session 1 How digitisation can inclusive insurance: Opening of the conference — spur market growth Learning from experience The landscape of inclusive insurance 2020 39 Session 10 68 Session 18 Lessons learnt from Outlook: What will be the next 9 Keynote national strategies milestones -
Pioneering Cyber Insurance: Munich Re Partners with Google Cloud and Allianz
Munich Media Release 2 March 2021 Pioneering cyber insurance: Munich Re partners with Google Cloud and Allianz ▪ Combination of market-leading cyber risk-transfer expertise with Google Cloud’s security know-how to address specific client needs ▪ Launch of innovative cyber insurance solution “Cloud Protection +” exclusively for Google Cloud customers ▪ Data-driven submission and underwriting enable an easier, more efficient and more transparent purchase process for customers ▪ Data insights will allow Munich Re to further advance the modelling of cloud specific cyber risks “By combining the expertise of three industry leaders we address the specific risk management needs of organisations that are moving their business to the cloud. Embedded in an efficient underwriting process, our solution Cloud Protection + provides a holistic response to cyber risk. Above and beyond the immediate benefit for Google Cloud customers, the cooperation will contribute to the further enhancement of Munich Re’s cyber risk modelling.” Stefan Golling, Member of the Board of Management The coverage of cyber risks is a strategic field of business in which Munich Re aims to achieve further sustainable growth. As one of the pioneers, Munich Re was early to accept the challenges in cyber insurance. As cyber risks and loss scenarios change quickly and continuously, Munich Re maintains its position among the top providers by steadily developing its own approach and risk modelling, and also by collaborating with clients and partners. Munich Re has now agreed on a cooperation with Google Cloud and Allianz Global Corporate & Specialty (AGCS) focusing on providing cloud specific cover for organisations. The starting point for the cooperation is the continuing trend towards cloud usage: for a majority of larger organisations, the cloud has already been embraced as a way of doing business. -
Active SAP License Management @ Hannover Re
Active SAP License Management @ hannover re Dr. Uwe Vehlies ([email protected]) Senior IT Coordinator ITAM 2017 Copenhagen, 22 June 2017 Agenda 01 – 05 | Key facts about hannover re 06 – 08 | hannover re's SAP CCOE 09 – 10 | SAP licenses at hannover re 11 – 13 | SAP license management at hannover re 14 | Conclusion from procedure at hannover re Key facts about hannover re Key facts about about hannover hannover re re hannover re's SAP CCOE SAP licenses at hannover re SAP lic.mgmt. @ HR Conclusion Key facts about hannover re Today Majority shareholder: 50.2% held by Talanx AG* 18 Feb 2004 Second Public Offering More than 100 subsidiaries, branches and representative offices worldwide 30 Nov 1994 Total staff of roughly 2,500 employees Initial Public Offering More than 5,000 insurance clients in about 1990 150 countries Life & Health reinsurance as a strategic growth segment 1966 Foundation by HDI as a subsidiary Property & Casualty reinsurance * Majority shareholder HDI V.a.G. 1 Key facts about about hannover hannover re re hannover re's SAP CCOE SAP licenses at hannover re SAP lic.mgmt. @ HR Conclusion From in-house reinsurer to global player >100 subsidiaries, branches/representative offices in ~20 countries 2009: Opening of an office in Shanghai China 2007: Branches and representative offices in Brazil, Colombia, Korea and Shanghai 2006: Hannover Re Takaful B.S.C., Bahrain 2001: Hannover Re (Bermuda) Ltd., Bermuda 2000: Clarendon Insurance Group, USA 1997: Selected portfolios of Skandia International Insurance Company (locations -
Invitation to the Annual General Meeting 2019
Invitation to the Annual General Meeting 2019 Key figures +/- previous Figures in EUR million 2018 year 2017 2016 1 2015 2014 Results Gross written premium 19,176.4 +7.8 % 17,790.5 16,353.6 17,068.7 14,361.8 Net premium earned 17,289.1 +10.6 % 15,631.7 14,410.3 14,593.0 12,423.1 Net underwriting result -51.1 -488.5 115.9 93.8 -23.6 Net investment income 1,530.0 -13.7 % 1,773.9 1,550.4 1,665.1 1,471.8 Operating profit (EBIT) 1,596.6 +17.0 % 1,364.4 1,689.3 1,755.2 1,466.4 Group net income 1,059.5 +10.5 % 958.6 1,171.2 1,150.7 985.6 Balance sheet Policyholders´ surplus 11,035.1 +2.4 % 10,778.5 11,231.4 10,267.3 10,239.5 Equity attributable to sharehol- ders of Hannover Rück SE 8,776.8 +2.9 % 8,528.5 8,997.2 8,068.3 7,550.8 Non-controlling interests 765.2 +0.9 % 758.1 743.3 709.1 702.2 Hybrid capital 1,493.1 +0.1 % 1,492.0 1,490.8 1,489.9 1,986.5 Investments (excl. funds with- held by ceding companies) 42,197.3 +5.3 % 40,057.5 41,793.5 39,346.9 36,228.0 Total assets 64,508.6 +5.4 % 61,196.8 63,594.5 63,214.9 60,457.6 Share Earnings per share (basic and diluted) in EUR 8.79 +10.5 % 7.95 9.71 9.54 8.17 Book value per share in EUR 72.78 +2.9 % 70.72 74.61 66.90 62.61 Dividend 633.1 +5.0 % 603.0 603.0 572.8 512.5 Dividend per share in EUR 3.75 + 1.50 2, 3 +5.0 % 3.50 + 1.50 3 3.50 + 1.50 3 3.25 + 1.50 3 3.00 + 1.25 3 Share price at year-end in EUR 117.70 +12.2 % 104.90 102.80 105.65 74.97 Market capitalisation at year-end 14,194.3 +12.2 % 12,650.6 12,397.4 12,741.1 9,041.2 Ratios Combined ratio (property and casualty reinsurance) 4 96.5 % 99.8 % 93.7 % 94.4 % 94.7 % Large losses as percentage of net premium earned (property and casualty reinsurance) 5 7.9 % 12.3 % 7.8 % 7.1 % 6.1 % Retention 90.7 % 90.5 % 89.3 % 87.0 % 87.6 % Return on investment (excl. -
Underwriting Issues and Innovations Seminar
Underwriting Issues and Innovations Seminar Attendee List by Last Name As of July 12, 2017 Stephen Abrokwah Merly Agellon Geoff Andrews Swiss Re Life & Health America Inc Sun Life Financial Carpe Data Fort Wayne, IN Toronto, ON Santa Barbara, CA David Aronson Thomas Ashley Denise Bates MIB Gen Re Penn Mutual Life Insurance Co Braintree, MA Stamford, CT Horsham, PA Natalie Bergstrom JP Bewley Phillip Beyer AIG Big Cloud Analytics USAA Life Insurance Company Milwaukee, WI Atlanta, GA San Antonio, TX Donnamarie Blake Paul Boudreau Laura Boylan Lexisnexis Risk Solution Munich Re Haven Life Alpharetta, GA Atlanta, GA New York, NY Greg Brandner Colin Bruesewitz Jessica Bublitz Munich Re American Family Insurance Milliman Intelliscript Nashwauk, MN Sun Prairie, WI Brookfield, WI Peggy Buck Marc Cagen Minyu Cao Milliman Intelliscript Fidelity Life Association RGA Brookfield, WI Chicago, IL Chesterfield, MO Eric Carlson Paul Carmody Audrey Chervansky Milliman Inc Pacific Guardian Life Insurance Swiss Re Life & Health America Brookfield, WI Honolulu, HI Armonk, NY Amanda Christensen Juliet Christenson Jennifer Ciollaro Riversource Insurance Royal Neighbors of America Swiss Re Minneapolis, MN Rock Island, IL Fort Wayne, IN Derek Coburn Brian Coens Joanne Collins Unum Clinical Reference Laboratory Stoneriver Worcester, MA Lenexa, KS Waxhaw, NC Chris Connor Sean Conrad Steve Cox Illinois Mutual Life Insurance Hannover Re Oneamerica Financial Partners Company Charlotte, NC Indianapolis, IN Peoria, IL Kathryn Cox Kim Curley Mike Curran RGA Great-West Financial Force Diagnostics, Inc. Chesterfield, MO Greenwood Village, CO Bannockburn, IL Bruce Dahlquist Donna Daniells Ben Davidson Clinical Reference Laboratory AXA US Sagicor Life Insurance Lenexa, KS Charlotte, NC Scottsdale, AZ Jim Davis Dee Davis Paul Dennee Synodex Swiss Re Trustmark Insurance Co Canton, CT Fort Wayne, IN Lake Forest, IL Tedd Determan Ammon Dixon Cris Downey Force Diagnostics, Inc. -
General Terms and Conditions of Purchase of Munich Reinsurance
General Conditions of Purchase of Munich Reinsurance Company for Works and/or Services (“General Conditions”) 1. SCOPE OF APPLICATION These General Conditions shall apply to each engagement by Munich Reinsurance Company (“Munich Re”) or its Affiliates of a supplier (the “Supplier”) for the provision of works and/or services, provided the parties have expressly agreed to their applicability. 2. PLACING OF ORDERS, SCOPE AND PERFORMANCE OF THE WORKS AND/OR SERVICES 2.1 Offers made by the Supplier are binding. The deadline for their acceptance by Munich Re is 20 calendar days from the date of receipt. 2.2 Details of the works and/or services to be provided and the obligations to be discharged by the Supplier shall be set out in a separate contract document (the “Order”). The Supplier’s offer, Munich Re’s Order, these General Conditions and any amendments or supplements in accordance with Section 22.2 of these General Conditions together form the contract for the purchase of the relevant works and/or services (the “Contract”). 2.3 The Supplier shall inform Munich Re prior to commencing performance if, in its opinion, the terms of the engagement are unclear, incorrect or incomplete or if there are discrepancies in the information, including numerical data, provided by Munich Re. The Supplier will be responsible for any defects or delays resulting from its failure to inform Munich Re accordingly. 2.4 The Supplier is obliged to perform the works and/or services and discharge the obligations described in the Order. The Supplier shall discharge its obligations using all due skill, diligence and expertise, in accordance with the latest standards of science and technology and to a high standard.