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Munich Re US
Financial Information

Financial Information

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    Munich Re America Corporation is the holding company for various reinsurance and insurance entities which provide reinsurance, insurance and related services to insurance companies, commercial businesses, government agencies, and self-insurers in the United States. Munich Reinsurance America Inc. is the holding company’s principal subsidiary. Based in Delaware and founded in 1917, Munich Reinsurance America Inc. primarily underwrites property and casualty reinsurance.

    Other subsidiaries of Munich Re America Corporation include American Alternative Insurance Corporation (AAIC), The Princeton Excess & Surplus Lines Insurance Company (PESLIC) and Bridgeway Insurance Company (BIC). AAIC is an insurance company domiciled in the state of Delaware and is an admitted insurer in all 50 states and the District of Columbia. PESLIC is a Delaware domestic surplus lines insurer and operates on a surplus lines basis in all states and the District of Columbia. BIC is domiciled in Delaware and is eligible to write insurance on a non-admitted basis in all states.

    Here, you will find combined statutory financial highlights and ratings for Munich Re America Corporation. In addition, we have made full-year GAAP financial reports available in PDF format for the holding company, Munich Re America Corporation. Finally, you can read information about the holding company’s outstanding Senior Notes.

    Key Figures

    We offer superior reinsurance capacity to meet your risk transfer needs. We have over $4.4bn in statutory surplus and over $20.8bn in high-quality assets to provide our clients with outstanding balance sheet strength, stability and the liquidity to pay claims promptly. Our financial strength is recognized by the leading rating agencies.

    With approximately $7.7bn in annual gross written premiums in 2021, we are one of the largest reinsurers in the U.S. We have both the resources and broad risk appetite to deliver reinsurance and risk transfer solutions to help your company succeed.

    Selected statutory financial data*
    2021 2020 2019 2018 2017
    Gross premiums written $m 7,650 5,489 5,531 5,505 5,783
    Net premiums written $m 7,481 5,164 4,951 5,263 4,168
    Net premiums earned $m 6,489 4,998 5,038 5,057 3,498
    Loss & LAE incurred $m 5,070 3,849 3,742 3,835 2,965
    Underwriting expense $m 2,590 1,857 1,808 1,856 1,337
    Underwriting result $m -1,171 -709 -512 -634 -804
    Net income $m -730 -186 -26 -398 -575
    Statutory Ratios
    Loss & LAE ratio % 78.1 77.0 74.3 75.8 84.8
    Underwriting expense ratio % 34.6 36.0 36.5 35.3 32.0
    Combined ratio % 112.8 113.0 110.8 111.1 116.8
    Balance Sheet data*
    12.31.2021 12.31.2020 12.31.2019 12.31.2018 12.31.2017
    Total admitted assets $m 20,816 18,270 19,054 18,330 18,698
    Policyholders’ surplus $m 4,384 4,422 3,962 3,901 4,185
    NAIC RBC ratio** % 223 272 270 298 341
    * Includes the combined results of Munich Reinsurance America, Inc., American Alternative Insurance Corporation, The Princeton Excess and Surplus Lines Insurance Company and Bridgeway Insurance Company.
    ** RBC ratios are for Munich Reinsurance America, Inc. only


    We hold some of the industry's highest insurer financial strength ratings:
    Ratings of Munich Reinsurance America, Inc.
    Rating agency Rating Outlook Last reviewed/affirmed
    A.M. Best A+ (Superior) Stable 8-Jul-21
    Fitch AA (Very Strong) Stable 23-Jun-21
    Moody's Aa3 (Excellent) Stable 30-Nov-21
    Standard & Poor's AA- (Very Strong) Stable 28-Jun-21

    Security Holder Information
    Information for holders of Munich Re America Corporation Senior Notes

    At 31 December 2021, Munich Re America Corporation (the “Company”) had US$ 333.8m aggregate principal amount of Senior Notes due 15 December 2026 outstanding (the "Notes"). The Notes bear interest at a rate of 7.45% annually, payable on 15 June and 15 December each year. The Notes are redeemable in whole or in part, at the option of the Company at any time, at a redemption price equal to the greater of (i) 100% of the principal amount of such notes and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted, on a semiannual basis, at the rate per annum equal to the yield to maturity of the United States Treasury securities issue with comparable maturities to the remaining term of the Notes, plus 15 basis points, together with accrued interest to the date of redemption.

    The Indenture contains certain covenants, including, but not limited to, covenants imposing limitations on liens, and restrictions on mergers and sale of assets. The Notes are not registered under the Federal Securities Act of 1933 or registered or qualified under the securities laws of the various states. The Company may, from time to time, redeem all or part of its 7.45% Senior Notes due 2026 pursuant to the terms of the indenture under which the Notes were issued, or purchase them in privately negotiated transactions, tender offers or otherwise.

    Senior Note Ratings
    Rating agency Rating
    A.M. Best a
    Moody's A2
    S&P A-
    Fitch AA-