GrovesJohnWestrup Private Clients, a managing general agent (MGA) under Munich Reinsurance Co., has ceased new and renewal business operations.
The MGA announced its closure on Oct. 4, stating it will continue to manage existing policies and process claims until Oct. 2, 2025. Current policies can still be handled through the broker portal.
MGA specialized in high-net-worth insurance, offering coverage for property, private clients, travel, home cyber, buildings, contents, valuables, antiques, fine art, liability, legal expenses, home emergencies, and domestic employee accidents.
We thank our clients, partners, and colleagues for their trust and support over the years. You have been an integral part of our journey. A Munich Re spokesperson has yet to comment on the closure.
Munich Re North America Life announced it will offer longevity reinsurance in the U.S. and Canada. This product allows clients to accumulate assets while mitigating biometric risk by converting uncertain future pension or annuity payments into a fixed cash flow, locking in mortality assumptions and fees from the start of the transaction.
While the longevity reinsurance market in North America lags behind Europe, Munich Re’s entry could signal greater adoption of these solutions in the region.
Longevity reinsurance allows clients to convert unpredictable pension or annuity payments into a fixed cash flow. This involves setting mortality assumptions and fees at the start of the contract.
Mary Forrest, President and CEO of Munich Re North America Life, states, “We see strong, untapped demand for longevity reinsurance in the US and Canada, and we are well-equipped to meet it.”
The launch occurs amid increasing reserve and capital requirements for longevity risks, with further regulatory changes expected in the US. Insurers and asset reinsurers can now use Munich Re’s balance sheet and mortality expertise to manage these risks.
by Yana Keller