Munich Re, the worlds second-biggest reinsurer, fell the most since August 2013 after saying first-quarter profit will be lower than it previously expected.
Swiss Re AG booked $250 million in losses from the August chemical warehouse explosions in the Chinese city of Tianjin, its biggest payout in a quarter that saw profit rise 13 percent.
The worlds largest reinsurers and brokers see little relief in pricing in 2016 amid a relentless influx of alternative capital from pension funds and one of the past decades quietest years for catastrophe losses.