Munich Re’s half-year results show significantly lower ceded revenues for the second-quarter of 2026, a signal of lower reliance on retrocession. In response to a question during this morning’s media call, CFO Buchanan explained, “On cat bonds, you are correct in your statement that we have sponsored cat bonds in the past, most recently a few years ago, as part of our Queen Street series. Going on to explain Munich Re’s financial strength by saying, “You may have heard us comment in our remarks earlier, the Solvency II ratio has now gone above 300%. “Certainly at the current point in the market, with rates still being adequate, we are quite happy to retain risk and to earn the full profit margin for risk-bearing ourselves. Rather than ceding profits to other parties, having done the hard work of actually assessing and underwriting the risk.”