Munich Re backs Bermuda unit with $330m

Munich Re is providing support to its Bermuda-based reinsurance subsidiary via excess of retention and excess of loss reinsurance treaty and through a capital contribution of $330 million.

Munich Re Bermuda is a vehicle for placing the group’s related life US reinsurance business. It was formerly named Princeton Eagle West Insurance Company Limited and was authorized to operate property/casualty business, all of which is in runoff. The company was renamed Munich Re of Bermuda in March 2018 and was repurposed as a Class C Insurer by the Bermuda Monetary Authority.

AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa” to Munich Re Bermuda, a wholly owned indirect subsidiary of Munich Re. The outlook assigned to these Credit Ratings (ratings) is stable. The ratings of Munich Re and other main subsidiaries remain unchanged.

Make sure you are GDPR compliant and  confirm your email address to keep getting our daily emails

More of today's news Marsh loses case against insurtech startup Marshmallow Regulator launches new European insurance stress test

AXA US IPO secures funds for XL acquisition

Munich Re-backed cyber startup At-Bay attracts $13m investment

Don't miss our insurtech email newsletter - sign up today