New Reinsurance Company Ltd. (NewRe)
New Reinsurance Company Ltd. (NewRe) is a Swiss reinsurer founded in Zurich in 1926, specializing in property and casualty treaty reinsurance, life financing, and innovative risk transfer solutions. The company, which is part of the Munich Re Group, emphasizes diversity and inclusivity in its workforce while providing tailored financial strategies and products to manage weather-related risks.
Company Overview
New Reinsurance Company Ltd. (NewRe) is a Swiss reinsurer founded in Zurich in 1926. The company operates within the insurance industry and has a team size of 119, classifying it as a medium-sized business. NewRe became part of the Munich Re Group in 1988, which expanded its global reach and capabilities. The company emphasizes an inclusive working environment and equal treatment of all employees, reflecting its commitment to diversity and fairness.
Reinsurance Solutions
NewRe offers a variety of reinsurance solutions tailored to meet modern market needs. These include structured prospective and retroactive reinsurance, catastrophe excess of loss, aggregate excess of loss, and risk excess of loss for property business. The company specializes in property and casualty treaty reinsurance, life financing business, and capital management solutions. Additionally, NewRe provides innovative products such as weather derivatives, parametric trigger covers, and insurance solutions for wind farms, utilizing real-time data from sensors.
Financial Performance
In 2023, NewRe reported gross written premiums of EUR 6.3 billion, an increase from EUR 4.8 billion in 2022. However, the company experienced an annual loss of EUR -185 million in 2023, contrasting with a profit of EUR 170 million in the previous year. NewRe maintains a solid SST ratio of 233% and holds a financial strength rating of AA from S&P, indicating strong financial stability.
Specialties and Innovations
NewRe specializes in various areas including property and casualty treaty reinsurance, life financing, and tailored capital optimization transactions. The company has developed innovative insurance products aimed at improving the bankability of wind power projects and ensuring earnings stability for wind farms. NewRe also provides risk management solutions for sectors affected by volatile weather, including energy, agriculture, and logistics, utilizing advanced financial engineering techniques.
Work Environment and Employee Benefits
NewRe promotes a flexible hybrid working model that supports work-life balance and appreciates its positive impact on employee achievements and wellbeing. The company invests in training and development to adapt to changing market conditions and client demands. NewRe offers fair and attractive remuneration, including a pension scheme, and encourages international work experience within the Munich Re Group, fostering a diverse and inclusive workplace.