The latest reinsurance stories online
Warren Buffett’s expanded investment in Munich Re topped the list of the most popular stories on globalreinsurance.com in February. The ‘Sage of Omaha’ increased his personal holding to 3.045%, exceeding the 3% benchmark at which investors are obliged to go public.
Buffett, whose company Berkshire Hathaway owns an even larger chunk of Swiss Re, clearly expects reinsurance investments to pay off. Indeed, he had no sooner made his move than details emerged of Munich Re’s record dividend payments to shareholders, following a strong performance in 2009.
Munich Re was not the only one. A steady procession of reinsurers released results last month. Low hurricane losses and better-than-expected investment yields led to one of the most profitable years. PartnerRe hit our top five stories after writing a much-expanded book of business, while Montpelier Re, Axis Capital, Allied World and Catlin all announced record results.
Karen Clark & Company showed it’s never too early to talk hurricanes with its announcement that hurricane models can’t be trusted. Rival catastrophe modelling firms were quick to follow up with their own points of view. It also emerged that 2010 is expected to be a busy year for storms, but such predictions were met with equal measures of interest and scepticism.
It is no surprise that new entrant into the Bermuda realm, SA Reinsurance, made it into the top five, as everyone from reinsurers to cedants and service suppliers have their reasons for finding out about this new kid on the block.
Online top five
Buffett ups stake in Munich Re
Personal holding is worth over $900m
Munich Re profits up
Reinsurance giant sees bottom line soar to $3.47bn
PartnerRe writes and binds $2.6bn
$440m comes from Paris Re following acquisition
Hurricane models ‘can’t be trusted’
Karen Clark & Co says near-term figures are not credible
Sony Life and Aegon form new Bermuda reinsurer
SA Reinsurance will write life business for existing joint venture