Caribbean Watch: Munich Re Bermuda, CARICOM hurricanes meeting
Munich Re Bermuda entity
Global reinsurer Munich Re announced support for its Bermuda-based subsidiary Munich Re Bermuda by providing excess of retention and excess of loss reinsurance treaty and a US$330mn capital contribution.
The reinsurance giant in March renamed and reshaped the subsidiary, previously known as the Princeton Eagle West Insurance Company Limited, which was formerly authorized to underwrite run-off property and casualty re/insurance risks.
Munich Re repurposed the subsidiary under the new moniker as a Class C insurer by the Bermuda Monetary Authority as a tool to help its own efficiency.
A.M. Best has assigned a financial strength rating of 'A+' 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 the ratings is stable.
"The ratings reflect Munich Re Bermuda's strategic importance and integration into its ultimate parent company, Munich Re, as a vehicle for placing the group's related life US reinsurance business," said A.M. Best. "Therefore, Munich Re Bermuda's ratings are aligned with that of Munich Re, and reflective of the group's balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management."
Maria, Irma warnings of things to come
Secretary-General of the Caribbean Community (CARICOM), Ambassador Irwin LaRocque, warned that Hurricanes Irma and Maria, which devastated many countries in the region last year, were "a hint at what the future holds", as reported in daily Jamaica Observer.
Speaking at the opening of a meeting with the heads of institutions of CARICOM in Georgetown, Guyana on Monday, the secretary-general noted that the long-term forecasts for climatic activity in the region were even "more foreboding as the effects of climate change become more pronounced."
Irma and Maria devastated multiple Caribbean territories, including Puerto Rico and Dominica. Aon Benfield recently estimated that the hurricanes caused US$95bn in economic damage in the Caribbean and roughly US$35bn in insured losses.
The CARICOM meeting was aimed at strengthening co-ordination among the institutions and the secretariat as the community builds resilience to encounter the new normal of more intense and frequent climatic activity.
A review of the preparedness and management of the response to the events of last September has been undertaken by the Caribbean Disaster Emergency Management Agency (CDEMA).
"We are in a race against time to protect the people, the environment and our countries. Strategic efforts must be harnessed to build resilience in the region."
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