Thursday, November 27, 2008
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The Munich Re Group
Munich Re Group is one of the world's largest reinsurers and the second-largest primary insurer in Germany.
Reinsurance
When Munich Re was founded in 1880, it was one of the first independent reinsurance companies, i.e. a reinsurer not run by a primary insurer. Ever since this time, reinsurers have functioned as risk managers, assuming part of the risk covered by primary insurers. Thus, in the insurance industry's value chain, reinsurers and primary insurers are two complementary elements.
Soon after its establishment, Munich Re expanded its activities to foreign countries. Starting in 1886, it began opening representative offices in Europe, followed by a branch in the USA in 1899.
5,000 insurance companies in 150 countries rely on Munich Re's expertise and financial strength. Munich Re offers a full range of products — from traditional reinsurance to alternative risk financing.
Among other things, we reinsure the risks of oil rigs, satellites and natural catastrophes, and those arising from the use of genetic engineering and information technology or from corporate management.
Primary insurance
The second main pillar of the Munich Re Group is primary insurance business. Here we focus on Europe and particularly Germany, where we are the second-largest primary insurance group in terms of gross premiums.
Our primary insurers comprise the ERGO Insurance Group and Europäische Reiseversicherung.
The ERGO Insurance Group was created in 1997 by merging the long-established German companies VICTORIA, Hamburg-Mannheimer, DKV and D.A.S. 2002 saw the acquisition of KarstadtQuelle Versicherungen. The main emphasis of the ERGO Group's business is on personal lines insurances, especially insurances of the person, i.e. life, health and personal accident insurance. Another important segment of ERGO's business is insurance for small and medium-sized firms as well as, on a selective basis, industrial business. In health insurance and legal expenses insurance, ERGO is the market leader in Europe through DKV and D.A.S. respectively.
With numerous subsidiaries and affiliated companies in 23 countries, as well as a network of strategic cooperation agreeements, Europäische Reiseversicherung represents an effective international alliance that takes account of the further internationalisation of the travel industry.
Mercur Assistance offers assistance services worldwide in the field of healthcare and mobility.
The Watkins Syndicate, which operates within Lloyd's of London, has belonged to the Munich Re Group since 1997. The syndicate is a primary insurer specialising in marine business.
Asset management
MEAG MUNICH ERGO AssetManagament GmbH is the investment management centre of the Munich Re Group. As at 31 December 2007, it had more than €181bn in assets under management, making it one of the major assest managers in the European financial sector. MEAG primarily manages our Group's investments. In this capacity, it is chiefly responsible for direct investment in securities and real estate, and for the assets held in segregated managed funds (special funds). Beyond this, it offers its expertise and know-how to both institutional investors and private clients.
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