Munich Re Cyber Reinsurance Stress & Accumulation Analyzer

Gross Loss Shock $1,450M Systemic severity 82%

Retro Recovery $600M Exhaustion: 66.7% of layer

Net Underwriting Loss $850M Pre-tax direct loss

Stressed Combined Ratio 121.4% Baseline: 88.0% (+33.4%)

Solvency Capital Depleted 28.9% Remaining buffer: $1,280M

Loss Absorption Waterfall

Gross accumulation to net retained loss and capital depletion bridge

Gross Accumulation

Retro Recovery

Net Underwriting Loss

Remaining Buffer

Cyber Exceedance Probability (EP) Curve

Gross vs Net Retained loss modeled across return periods (10yr to 250yr)

Gross Return Loss

Net Retained Loss

VaR 99.0% / TVaR 99.5%

Portfolio Tail Stress Matrix & Capital Solvency Summary

Stress Scenario	Gross Loss	Retro Ceded	Net Loss	Stressed CR	Capital Drain	Status