Munich Re Creates New Specialty-Insurance Division
15 12월 2022 - 6:58PM
Dow Jones News
By Ed Frankl
Munich Re AG said Thursday that it would create a new
specialty-insurance division with growing premiums by 2025.
Various primary-insurance businesses of the group that are
currently part of the reinsurance segment will be bundled into a
new Global Specialty Insurance division, the German reinsurer
said.
The division includes units from its risk-solutions businesses,
including Munich Re Specialty Insurance as well as American Modern
Insurance Group, HSB and Great Lakes Insurance, the company
said.
Premiums at the business are projected to grow to nearly 10
billion euros ($10.68 billion) by 2025 from EUR7.5 billion at
present, Munich Re said
The new business will be led by Michael Kerner, currently
responsible for Munich Re's specialty-insurance activities in North
America, who joins the company's board on Jan. 1.
The move aims to create synergies in IT infrastructure,
marketing and services, as well as to make Munich Re a global
player in specialty primary insurance, the company said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
December 15, 2022 04:43 ET (09:43 GMT)
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