Munich Re Group overview

Munich Reinsurance Group is a leading risk management group which offers traditional reinsurance, comprehensive services and consulting to complex risk solutions in life insurance as well as property and liability insurance.

Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. The company is globally active and operates in all lines of the insurance business. Munich Re employs over 43,000 people throughout the world.

ERGO, a Munich Re subsidiary, is the Group’s primary insurance arm. The Group offers a comprehensive range of insurances, provision products and services. Life and property-casualty insurance are sold under ERGO’s own name. The offering is supplemented by health insurance from DKV Deutsche Krankenversicherung, legal protection insurance from D.A.S., and travel protection insurance from ERV Europäische Reiseversicherung. And direct insurance can be concluded by phone or online with with ERGO Direkt.

MEAG is the company's asset manager. The firm provides advisory and consulting services for the Munich Reinsurance Group. It primarily provides its services to insurers, pension organisations, pension funds, industrial companies, and foundations. The firm also manages mutual funds for its clients. It invests in the public equity and fixed income markets across the globe. The firm also invests in foreign exchange, commodities, and real estate markets.

Munich Re also runs Munich Re Automation Solutions Ltd, which provides new business and digital underwriting solutions for life insurance companies. Automation Solutions has worked with Financial Services companies such as Pacific Life, Zurich, Aegon, Bank of China and more. Most recently, it implemented its modular AllFinanz platform for Swedbank. The platform provides Swedbank with auto-underwriting capabilities, improves customer experience and improves process efficiency.

Munich Re runs an extensive innovation ecosystem in order to foster new partnerships and develop new propositions. The company has a corporate strategic venture arm, Munich ReVentures, which runs three funds and seeks to discover and invest in companies across a broad range of industries, including: IoT, software, hardware, cleantech, biotech, energy, and health care. Munich Re has partnered with Plug & Play’s IoT and Insurtech accelerators, as well as MundiLabs in order to discover talented ventures in the global tech ecosystem. Their efforts came to fruition in 2019, when they selected insurtech CyberCube's analytics platform to assist with advanced risk modelling capabilities through several cyber risk aggregation scenarios. Munich Re also has an innovation lab in Beijing, which is led by Zi Jia Li, the Managing Director of SiTao Consulting.

In May 2016 Munich Re launched its Digital Partners program, offering insurtech startups data, product development, VC financing and more. It has formed partnerships with startups such as Trov, Slice Labs, Hippo, Getsafe and more.

In 2018 Munich Re's ERGO fund was launched. The fund, worth €100m, aims to invest in early stage startups over the next five years.

In August 2019 Munich Re launched its a claims automation tool suite for responding to hurricanes. The tools include detailed damage predictions days before an expected hurricane, aerial views of damage sites immediately after a hurricanes, and a damage assessment algorithm powered by machine learning. The company hopes the tools will help insurers assess widespread property damage quickly and accurately after a hurricane, and therefore improve customers' claims experience.

Later that same year Munich Re globally extended its fraud detection partnership with FRISS, following a successful co-operation in Latin America and Iberia.

In 2020, Munich Re announced it was setting up FlexFactory: Digital Factory Performance, a new joint venture with Porsche and MHP, Porsche's subsidiary for management and IT consulting. The new venture will offer digital and flexible production strategies and software solutions.

In March 2020, less than 3 years after the catastrophic earthquake in Mexico City, in a country which experiences regular significant seismic activity, a parametric consumer insurance product has been launched. Super Tremblor, developed by local insurer Super Seguros in partnership with Munich Re, offers automated payouts using dynamic data on earthquake activity.

Munich Re P&C warned it had seen a big drop in profit after a 'considerable claims burder' in Q1 2020, due to the Covid-19 pandemic. The business made €633m in the first quarter2019, and had a €2.8bn profit guidance for 2020, which has now been withdrawn.

Munich Re Specialty Insurance partnered with Duck Creek Technologies in May 2020 to develop a digital, cloud-based platform for service and product innovation. MRSI will leverage Duck Creek's SaaS OnDemand platform.

Map showing the location of Munich Re Group

Munich, Germany

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Key people

Nikolaus von Bomhard Chairman of the Board of Management
Ron Sommer Member of Board of Directors
Matthew McElhattan Partner
Georg Daschner Board Member
Jennyfer Yeung-Williams Partner Engagement Manager
Jörg Schneider Board Member
Jill Beggs Head of New Strategic Markets
Yannis Korgialos European Commercial Director, Digital Partners
Wolfgang Mayrhuber Member of the Board of Directors
Thomas Bonaty IT Strategist - Innovation
Dr. Joachim Wenning Board Member
Andrew Rear Chief Executive, Digital Partners
Mark Dennis Global COO, European CEO at Digital Partners
Torsten Jeworrek Board Member
Thomas Blunck Board Member
Ludger Arnoldussen Board Member
Anthony J. Kuczinski President and CEO, Munich Reinsurance America
Peter Röder Board Member
Wolfgang Hauner Chief Data Officer
Tobias Sonndorfer Executive Director
Tom Van den Brulle Global Head of Innovation
Daniel Cossette CEO (Asia, Australia, Middle East and Africa) - Life and Health
Dr. Tobias Farny Chief Executive, Asia Pacific
Thomas Börtzler VP Client Management and Chief Innovation Officer
Steven Chang CEO, Greater China
Nicolas Carro CEO Life and Health - Australasia