English
Jul
15
Allianz-Munich Re Deal Contributes to US$250 million Risk Transactions for Perils AG
Posted on Jul 15, 2010 by Sergio Ulloa (G+)
Perils AG, an insurance industry initiative which aims to improve the availability of catastrophe insurance market data, has released a loss index suggesting that the latest US$63.25 million (EUR 50 million) reinsurance transaction between Allianz Risk Transfer and Munich Re, for coverage of European wind risk, has contributed to the US$250 million (EUR 198 million) total placements of insurance transactions during the first six months of 2010. The deal between Allianz Risk Transfer and Munich RE was brokered by Willis Re, a leading reinsurance broker. For the deal, Perils provided an independent estimate of the potential insured property industry loss in the event of a severe wind storm. This loss estimate is used as a trigger for the transaction. Using the Perils index in this transaction, the loss estimates have been used as the index base in all main forms of industry loss-based and catastrophe insurance risk transactions, according to a recent statement released by the company. Reaffirming the value of the data provided by Perils for such transactions, the head of the insurance-linked market at Allianz Risk Transfer, Brian Kirwan, commented that it "greatly improves deal execution". As one of the founding members of Perils AG, the Allianz Group believes that the increasing use and acceptance of the Perils index plays a central role for the future growth of trading in the European wind-storm market. In addition of Allianz, the other shareholders that took part in the founding of Perils AG include Axa, Generali, Groupama, Guy Carpenter, Munich Re, Partner Re, Swiss Re and Zurich Financial Services. Companies mentioned: Allianz
Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.
Munich Re
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. It operates in all lines of insurance, with around 47,000 employees throughout the world. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. ERGO is one of the largest insurance groups in Europe and Germany and 40 million clients in over 30 countries place their trust in the services and security it provides. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand.
Perils AG
PERILS is an insurance industry initiative aimed at improving the availability of catastrophe insurance market data. PERILS' industry data are based on information exclusively received from insurance companies writing business in the territories covered by PERILS. The data provided are quality controlled and aggregated, and subsequently extrapolated to industry (or market) level. The resulting industry benchmark data are available to all interested parties via a subscription service.