The agreements were entered into with Munich Re and Pacific Life Re, two leading global reinsurers, with an Aon team, led by Roelant de Haas in the Netherlands and Martin Bird in the UK, advising on the reinsurance broking and structuring.

The risk transfer is effective as of 1 January 2026, with the agreements remaining in force until the portfolio has fully run off.

Services and guarantees provided by Achmea Pension & Life Insurance to its policyholders are reportedly unaffected by the transaction.

Arthur van der Wal, Chief Executive Officer of Achmea Pension & Life Insurance, commented, “Transferring roughly half of our longevity risk exposure is a deliberate and significant next step in executing our long-term strategy.

“The associated capital benefit will support our strategic growth ambitions in the area of pension buyouts, as well as the further optimisation of our investment portfolio. This will be done in close collaboration with Sixth Street and Achmea Investment Management.”

Roelant de Haas, CEO of Aon Reinsurance Solutions Netherlands, said, “We are pleased to have supported Achmea on this strategically important capital solution and to have brought together a united Aon team with in-depth market expertise, industry insights and strong broking capabilities to deliver a successful transaction.”

Martin Bird, senior partner and UK head of risk settlement at Aon, added, “The global longevity reinsurance market remains highly competitive and has large-scale capacity to deploy, with a strong appetite in relation to the Dutch market.

“By using Aon’s Demographic Horizons software for modelling mortality and other demographics – including the leading base mortality postcode model for the Netherlands – as well as our broader reinsurance market insight and broking expertise, we were able to syndicate this milestone transaction for Achmea.”

Vanessa HoVon, Managing Director, Savings & Retirement for Europe & Americas at Pacific Life Re said, “We are excited to support Achmea Pension & Life Insurance on this transaction, which marks our fourth in Continental Europe and our largest to date in the Netherlands.

“It highlights our ability to deliver tailored longevity solutions at scale and demonstrates our strong commitment to the Continental European market. We look forward to continuing to collaborate with our clients, as they navigate evolving regulatory and strategic priorities.”

Pacific Life Re was awarded €4 billion of the €8 billion in pension liabilities transferred as part of the transaction.

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Under the partnership, new GPU loans issued via the USD.AI protocol will receive independent, AI-driven valuations from Barker. These valuations are backed by Munich Re’s ‘aiSure’ performance guarantee, directly protecting USD.AI holders in the event of collateral liquidations.

When a GPU-backed loan defaults and collateral must be liquidated, Barker’s value warranty protects against any gap between the predicted and realised sale price.

All coverage is fully reinsured by Munich Re (Great Lakes Insurance SE), providing institutional-grade counterparty strength.

Conor Moore, COO of Permian Labs, the developer of the USD.AI Protocol, said, “This partnership fundamentally changes the risk profile for USD.AI holders.

“With Barker’s coverage, USD.AI holders now have 100% coverage against loss given default on outstanding GPU-backed debt. If a borrower defaults and the collateral sells below the predicted value, USD.AI holders are made whole.”

Thomas Galbraith, CEO of Barker, said, “At Barker, our AI ensures accuracy for underwriting and our warranty delivers trust and protection. The Permian Labs team recognized this fast and we’re thrilled to be working with them.”

The value warranty integration will be deployed across all new GPU loans issued through the USD.AI protocol, with implementation starting immediately. Existing FiLo tranche positions will remain in place, while new loans will use a “synthetic FiLo tranche” to cover costs. Traditional FiLo tranches may still be used in future loans to align interests between USD.AI holders and originating partners.

This partnership reinforces USD.AI’s commitment to institutional-grade infrastructure and risk management, positioning the protocol for continued growth as enterprise demand for GPU financing accelerates.

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From March through June 2026, Schubert will jointly lead the Capital Partners unit alongside August Proebstl, who is set to retire.

The temporary co-leadership arrangement is intended to provide continuity and facilitate a structured transition for employees and business partners.

Schubert brings experience in strategy and capital markets, with a focus on sustainable value creation.

Working with the Capital Partners leadership team, she is expected to continue the unit’s strategic development and reinforce its position within international investment and capital markets.

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The scheme draws on Munich Re’s aiSure platform, a recognised tool for evaluating AI risks, to cover exposures not typically addressed by conventional cyber or technology errors and omissions (E&O) policies.

The Mosaic and aiSure collaboration provides up to EUR/USD/CAD 15 million in initial coverage to protect AI developers and vendors worldwide against financial losses stemming from defined AI performance failures.

Mosaic is responsible for underwriting and marketing the product through its cyber specialists across its international network, while Munich Re contributes technical expertise, analytics, and insights from its extensive experience in AI risk.

“We’re delighted to partner with Munich Re on this pioneering initiative,” commented Dennis Bertram, Head of AI Underwriting at Mosaic. “aiSure provided the technical know-how, and we’ve built on that with specialist underwriting to create a solution that is practical and scalable. Our cyber underwriters are now taking this to market so brokers and clients worldwide can address one of the most important commercial questions in AI: what happens when the technology doesn’t deliver?”

Research shows that while business leaders are keen to harness AI, many are cautious due to uncertainties around performance risks and potential returns. The Mosaic and aiSure solution addresses this by offering protection when an AI model fails to meet clearly defined performance standards, giving clients confidence and enabling vendors to support their technology.

AI offers significant opportunities for efficiency and growth, yet adoption carries risks that are often unforeseen and difficult to quantify. The Mosaic and aiSure coverage allows providers and users of AI to adopt technology with greater assurance by insuring against errors or hallucinations in AI and generative AI models.

“In our joint offering with Mosaic, we are now bringing longstanding AI underwriting expertise of aiSure to the reinsurance side. I am convinced that our collaborative approach will enable us to support even more companies on their journey towards AI implementation,” said Michael von Gablenz, Head of Insure AI at Munich Re.

aiSure is designed to reflect the probabilistic nature of AI, where even well-constructed models can produce incorrect outputs. Its parametric-like structure allows claims to be settled quickly, based on measurable performance data, without lengthy investigations.

“This isn’t about system uptime or cyber incidents—it’s about whether the AI’s outputs are actually accurate,” added Bertram. “Our underwriting focuses on the AI model itself, what it does, how its outputs are used, rather than the insured’s respective industry. That opens the product to any company commercialising AI, from retailers licensing fraud-detection models to manufacturers selling quality-control solutions.”

The coverage complements existing cyber and technology E&O policies, which continue to address operational risks such as outages, data breaches, and negligent deployment.

The partnership supports Mosaic’s wider strategy to promote responsible AI adoption and demonstrate innovation in underwriting emerging risks. Mosaic’s cross-functional AI working group, led by Bertram, manages AI usage in underwriting and claims, establishes standards for responsible application, co-ordinates pilot programmes, and monitors how AI is transforming the risk landscape for clients.

Cyber, including technology E&O, is one of eight specialty lines underwritten by Mosaic, alongside environmental liability, transactional liability, financial institutions, political risk, political violence, professional liability, and specialty casualty.

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Together, Instnt and MKIII have introduced a “Double-Indemnity” structure that integrates fraud loss insurance directly into a credit model warranty, creating what they describe as the fintech sector’s first fully indemnified lending solution. The structure is designed to remove the longstanding tension between portfolio growth and risk management for lenders.

The collaboration establishes what the companies call a “Zero Liability” growth engine, enabling credit unions and other lenders to transfer their two most significant risks, credit default and identity fraud, away from their balance sheets.

Within the Double-Indemnity framework, MKIII provides insurance coverage for credit risk tied to a borrower’s capacity to repay, while Instnt covers identity fraud loss risk associated with a borrower’s intent to deceive. This includes protection against synthetic fraud, third-party fraud, and first-party fraud.

By embedding insurance protection against both economic defaults and fraud losses into each loan, the solution allows lenders to strengthen Net Interest Margin and Return on Equity. Financial institutions can also redeploy traditional bad debt reserves as working capital to support additional lending and revenue-generating activities.

The partnership relies on advanced artificial intelligence to streamline approvals, particularly for thin-file and digital-first applicants who are frequently declined by conventional underwriting systems. Instnt’s identity fraud insurance policies are insured by AM Best A-rated Accredited and reinsured by Munich Re and Swiss Re. MKIII’s Loan Decision Model is supported by Munich Re’s aiSure™ performance guarantee, while fraud loss claims are processed digitally by Sedgwick with a 30-day denial-free guarantee.

“Lenders have historically been forced to choose between growth and safety. We are eliminating that trade-off enabling safe, scalable growth,” commented Sunil Madhu, Founder and CEO of Instnt. “We are delivering a ‘Double Indemnity’ model where the lender captures the yield while we absorb the volatility. This is the future of scalable underwriting”.

The companies say the integrated offering will be especially relevant for mid-market banks and credit unions seeking to compete more effectively with large fintech lenders. By removing exposure to identity fraud losses, institutions can broaden their “buy box” to reach younger and underserved borrowers while pursuing higher loan volume targets in 2026 without elevating their overall risk profile.

“Our goal at MKIII is to help lending institutions say ‘yes’ when their competitors say ‘no’,” added Bryan Adler, Co-Founder and CEO of MKIII. “Integrating Instnt’s fraud indemnity into our program is a pure-play growth engine for the banking sector since Instnt covers the only gap in our coverage”.

“Our goal at MKIII is to help lending institutions say yes to existing customers and compete with the big fintechs without taking on fintech-level risk. We cover the credit risk, Instnt covers the fraud risk, the lender keeps the yield – that growth vs. safety trade-off disappears. This means more approvals for members who deserve access to credit, without adding risk to the balance sheet.”

“Munich Re is providing the institutional-grade confidence necessary for lenders to scale their portfolios while maintaining the highest standards of financial resilience,” said Ted Pine, AI Risk Underwriting, Munich Re. “The integration of Instnt’s fraud loss insurance and MKIII’s loan decisioning represents a significant step forward in making AI-driven lending truly bankable.”

The combined Instnt and MKIII solution is now available to qualified credit unions, banks, and fintech lenders. The indemnity layer is embedded within a package that includes MKIII’s APIs and Instnt’s AI agent, delivered through a low-code, no-code integration model designed to support rapid deployment.

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This morning, Munich Re posted a very strong set of results for the 2025 financial year, including a net result above target of more than €6.1 billion, a robust life and health reinsurance performance, and a property and casualty reinsurance combined ratio of 73.5%, or 80.1% on a normalised basis.

The reinsurer also provided some details of its experience at the key January renewals, where prices came down 2.5% overall as the volume of business written fell to €13.7 billion. At 1.1 2026, the carrier deliberately cut back in both casualty and property proportional business, opting to grow selectively in areas which met its requirements.

Munich Re said this morning that despite the current landscape, the price level of its portfolio remained good, and that looking ahead to April, it expects a market environment in which attractive price levels and improved terms and conditions can be largely upheld.

Recently, executives at the firm discussed the 2025 results and other market trends on a call with analysts, and the outlook for subsequent 2026 reinsurance renewal periods was raised, and specifically whether Munich Re expects to be able to grow volumes in various business lines throughout the remainder of the year.

“There’s plenty of opportunities, obviously,” said Jurecka. “We were able to renew a lot of our business at attractive prices, and the market generally is in a good place still. So, therefore, if you look at these reductions, which are indeed true, in basically all lines of business we were able to place business in attractive price and also attractive T&Cs still.”

He went on to say that even in the proportional space, where Munich Re reduced significantly, there were still opportunities for growth, and the firm took advantage of this in some casualty business in Europe and Latin America.

“But, what I would still like to underline, again, is that the market generally is still in an attractive territory, so there are plenty of opportunities out there.”

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2025 was the fifth consecutive year in which Munich Re’s annual profit outperformed the respective guidance, and the more than €6.1 billion is an improvement on 2024’s €5.69 billion, while the Q4’25 net result fell to €945 million from €1.068 billion in Q4’24.

Group-wide, insurance revenue from insurance contracts issued was stable at €60.412 billion in 2025, with Munich Re highlighting growth in the L&H reinsurance segment and at ERGO, its primary insurance arm, which largely offset the deliberate discontinuation of business in P&C reinsurance, and negative currency effects.

Munich Re’s return on equity increased to 18.3% in 2025 compared with 18.2% in 2024, while earnings per share totalled €47.15, an increase on the prior year’s €42.93.

For 2025, the total technical result increased by 13% to €9.8 billion, as the investment result increased by 5% year-on-year to €7.514 billion.

Within reinsurance, the net result increased from €4.88 billion in 2024 to €5.204 billion in 2025, so above the target of €5.1 billion. For Q4’25, the net result decreased to €824 million from €887 million a year earlier.

Insurance revenue from insurance contracts issued fell to €38.731 billion in 2025, compared with €40.034 billion in 2024. Munich Re attributes the decline to negative currency effects, primarily associated with the US dollar, and the deliberate discontinuation of business that no longer met its return requirements, as well as changes in accounting practices that did not affect the net result.

Munich Re’s P&C reinsurance segment net result increased to €3.308 billion in 2025 from €3.153 billion in 2024, as insurance revenue from insurance contracts issued fell to €17.926 billion, compared with €19.487 billion a year earlier. The segment’s combined ratio strengthened to 73.5% from 77.3%, with a normalised combined ratio of 80.1%.

Within P&C reinsurance, major-loss expenditure, after retrocession and before taxes, fell from €2.807 billion in 2024 to €1.627 billion in 2025, and increased to €558 million from €377 million for the quarter. Man-made losses totalled €740 million, and natural catastrophe losses totalled €887 million, both down year-on-year. The LA wildfires in January, at a cost of €800 million, were the most expensive single claims event of the year for the reinsurer.

The total technical result for the L&H reinsurance business came down to €1.715 billion in 2025 from €1.857 billion, but was above the target of €1.7 billion. The segment’s net result dropped to €1.334 billion from €1.545 billion, while insurance revenue from insurance contracts issued increased to €12.179 billion.

The Global Specialty Insurance segment generated a net result of €562 million in 2025, a big increase on the prior year’s €182 million, as insurance revenue from insurance contracts issued rose to €8.625 billion, with an improved combined ratio of 85.9% driven by the decline in major-loss costs.

Alongside its results for the 2025 financial year, the reinsurer has provided an update on its experience at the January 1st, 2026, reinsurance renewals, revealing a 7.8% decrease in the volume of business written to €13.7 billion.

“Munich Re deliberately opted to not renew or write business that did not meet expectations with respect to return requirements or terms and conditions. The majority of business in January was written in Europe, the US and globally. With very few exceptions, Munich Re maintained the portfolio’s high quality thanks to stable contractual terms and conditions,” explains the company.

Overall, prices fell by 2.5% for Munich Re at the 1.1 2026 renewals, although the reinsurer says that the price level of its portfolio remained good. “Our prices largely compensated for higher loss estimates in some areas, which were primarily attributable to inflation or other loss trends,” says the firm.

Looking ahead to the April renewal, Munich Re expects a market environment in which attractive price levels and improved terms and conditions can be largely upheld despite the current market pressure.

Turning back to the carrier’s results, ERGO had a strong year with a net result of €917 million in 2025, up on the prior year’s €810 million, and again above the target of €900 million. Insurance revenue from insurance contracts issued rose to €21.681 billion in 2025 from €20.796 billion in 2024.

Munich Re’s investment result hit €7.514 billion in 2025, up on the prior year’s €7.191 billion, with a rise in regular income from investments to €8.56 billion. The 2025 investment result represents a return of 3.2% on the average market value of the portfolio.

As announced in December 2025, Munich Re is targeting an IFRS net result of €6.3 billion in the 2026 financial year, while group insurance revenue is expected to reach €64 billion, and the return on investment is expected to improve to more than 3.5%.

Yesterday, the reinsurer revealed its plan to propose a dividend of $24 per share for 2025, while the Board has also resolved to purchase own shares amounting to a maximum value of €2.250 billion.

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Alongside the dividend proposal, which the Supervisory Board will decide on once the final business figures are available for 2025, the Board has resolved to purchase own shares amounting to a maximum value of €2.250 billion, excluding incidental expenses, in the period from 29th April 2026, until the Annual General Meeting on 29th April 2027, at the latest.

Munich Re explains that the repurchased shares are to be retired, while the share buy-back programme remains subject to the approval of the Praesidium and Sustainability Committee of the Supervisory Board.

For 2023, Munich Re’s Board approved a dividend of $15 per share, above the consensus for the year of $12.49, and in 2024 the Board approved a dividend of $20 per share, again above the year’s consensus of $16.49.

In February 2024, the reinsurance giant resolved to repurchase shares amounting to a maximum value of €1.5 billion in the period from 26th April 2024, until the Annual General Meeting on 30th April 2025, at the latest, resulting in total capital repatriation by the firm of €3.5 billion. The following year, the reinsurer resolved to purchase own shares amounting to a maximum value of €2 billion in the period from 30th April 2025, until the Annual General Meeting on 29th April 2026, at the latest, taking total capital repatriation to €4.6. billion.

For 2025, both the dividend and share buy-back programme for the financial year has increased, with the latter resulting in Munich Re’s capital repatriation hitting €5.3 billion, so increasing by more than 51%, or by €1.8 billion since the February 2024 announcement.

As our readers will be aware, reinsurer profitability has been very strong following the onset of the hard market in 2022/2023, with players such as Munich Re poised to produce another strong performance in 2025.

The higher dividend and continued growth in the level of capital repatriation by Munich Re is a reflection of how much excess capital is in the reinsurance industry, and also shows that for some, it’s more desirable to return capital than deploy the excess.

This could suggest that reinsurers are potentially struggling to find as many profitable opportunities as in the past, given the heightened level of competition in the space, as noted by insurers, reinsurers, and brokers when discussing the recent January 1st, 2026, renewals.

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Hannemann will be based in Sydney, reporting to Scott Hawkins, Managing Director, Munich Re Australasia.

She succeeds Anja Linsmaier, who is returning to Munich Re’s headquarters in Germany to take up a new leadership role.

Hawkins said: “We sincerely thank Anja Linsmaier for her remarkable leadership of our Non-Life business in Australasia over the past four years.

“I am delighted that we have found a successor in Michaela Hannemann and I am confident her extensive leadership skills, strong international background and broad technical experience are a great fit for our business.”

Hannemann brings more than 20 years of international insurance and reinsurance experience to the role, with deep expertise across underwriting and client management, along with a strong, people focused leadership style.

The executive currently serves as Chief Underwriting Officer for Casualty and Head of Corporate Underwriting for Casualty, Aviation, Marine & Legal, based in Munich.

She started her career in 2021 with Munich Re as the Regional Head of Casualty Treaty Underwriting for Japan, Korea, India, and South East Asia, operating from Singapore.

Before joining the reinsurer, she gained extensive experience at Gen Re, where she held diverse underwriting and client management positions across various international markets.

Commenting on her appointment, Hannemann said: “I am pleased to join Munich Re’s Australasia business as Head of Non‑Life for Australasia. I’ve greatly valued working with colleagues across Asia Pacific and Europe over recent years, and I’m looking forward to building on this experience together with our talented local team, to deliver for our clients in this strategically important market for Munich Re.”

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With more than 20 years in the reinsurance sector, Urban has reportedly developed deep expertise in underwriting, client management, and MGA leadership, driving both traditional business growth and the development of innovative business models.

During her tenure with Munich Re, the firm explained that she has led strategic projects in multiple markets, helping to strengthen its local expertise and enhance collaboration between Milan and the wider group.

Munich Re continued, “Having grown professionally in Milan and gained international experience at Munich Re Specialty – Global Markets in London, Roberta combines a solid local perspective with a global vision.

“Her leadership will be instrumental in consolidating the development of lasting partnerships with our clients, based on trust and long-term vision. Welcome back to Munich Re Italia, Roberta, and best of luck in this new challenge.”

Urban commented on her appointment, “Honoured to take on the role of CME and Deputy CEO at Munich Re, Italia. Over 20 years with incredible clients, colleagues, brokers, advisors, partners and MGAs across Italy, Germany, Spain and the UK.

“To those who have shared this journey with me – you know who you are – thank you for being such a powerful tailwind.”

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