Login

Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Munich Re America to be restructured

Reprints
Munich Re More + Less -

GREENBRIER, W.Va.--Munich Reinsurance Co. on Tuesday announced a long-term strategy to increase direct and broker-placed reinsurance as well as primary insurance in the U.S. property/casualty market.

Leaders of the Germany-based company plan to develop closer broker relationships and build a presence in niche primary insurance segments, the company said in a teleconference.

This will help the company achieve full potential and achieve sustainable, profitable growth in the U.S. P/C reinsurance market, Munich Re leaders said.

Starting in January, Princeton, N.J.-based Munich Re America will have new structure and management aligned by client type to support its strategy, the company said. Anthony J. Kuczinski, who will succeed John Phelan as chief executive officer of Munich Re America in January, said the new structure will better serve clients and create partnership-oriented business development.

"It's a large and mature marketplace and our competitors are getting more sophisticated and our clients are more demanding," Mr. Kuczinski said in a Tuesday teleconference. "This (strategy) better positions us to reach client needs and provide improved responsiveness to the marketplace."

The timing of the restructuring, according to Munich Re board member Torsten Jeworrek, is to have Munich Re "prepared to take advantage of the market when the time comes," acknowledging that it is currently a soft market.

"This strategy will take advantage of the full strengths of the Munich Re Group," Mr. Jeworrek said. "It will allow us to expand U.S. business in the U.S. broker market with U.S. brokers."

Changes to the Munich Re America structure include:

  • Establishing a new National Clients division that will have account management responsibility for all Munich Re Group U.S. P/C clients placing businesses directly or through reinsurance brokers. Pina Albo, currently an executive manager in Munich responsible for the United Kingdom and Ireland, will be president of the division.

  • Establishing a Regional Clients division that will have responsibility for all Munich Re Group U.S. regional P/C clients who prefer to do business directly Dominic Addesso, currently president of Munich Re's direct treaty business, will be president of the division.

  • A Broker Market division will continue to have responsibility for all Munich Re Group U.S. regional P/C business written through reinsurance brokers, as well as managing overall relationships with brokers. Gregory Coda, currently senior vp in direct treaty, will be president of the division.

  • And Munich Re America's Specialty Markets division will continue to have responsibility for all U.S. alternative market and primary P/C insurance business. The Specialty Markets division, Munich Re leaders say, will build a "dominant presence" in U.S. niche primary insurance by successfully evaluating, entering and competing in each specialty insurance area. Craig Smiddy, previously senior vp in specialty markets, was named president of the division effective immediately.

    All other appointments will be effective in January.

    Each member of the management team will report to Mr. Kuczinski.

    "Our long-term success will hinge on how well we deliver value-adding products and services to meet our clients' needs," Mr. Kuczinski said in a statement. "We will work in cooperation with clients and brokers to find a way to service their business."

    • About

    Advertise

    Reprints and Licensing

    Resources

    . Privacy Policy • Terms of Use

    COPYRIGHT © 2024 BUSINESS INSURANCE HOLDINGS

    Member, Beacon International Group, Ltd.