From think factory to solution provider
(2009 to present)
2009 – Munich Health launched
Munich Re concentrates its healthcare insurance and reinsurance expertise under its Munich Health brand. The new business fields brings together global health reinsurance business and health insurance business outside Germany. Munich Health thus covers the entire healthcare-market value chain.
2009 – Munich Re acquires Hartford Steam Boiler (HSB)
On 1 April, Munich Re acquires specialty insurer HSB Group from US insurer AIG for €555 million. This enables it to expand its presence in niche insurance segments in the USA.
2009 – Uniform brand identity worldwide
The company sharpens its position in the reinsurance sector and now appears uniformly worldwide under the Munich Re brand. This also applies to the specialised providers and primary insurers that are managed from within reinsurance. Besides the Munich Re brand name, these subsidiaries also bear the additional descriptor “Risk Solutions”. With the uniform brand identity, the company pursues a holistic approach and builds up a global knowledge network in order to offer individual solutions along the entire value chain.
2010 – ERGO’s new brand strategy
The ERGO brand stands for the “To insure is to understand” customer promise and is aimed at gaining market presence. From now on, the products of direct insurer KarstadtQuelle Versicherungen are to be marketed under the ERGO brand. During 2010, the Hamburg-Mannheimer and Victoria brands are absorbed into the ERGO brand.
2011 – Tohoku earthquake on 11 March
Off the coast of Japan, a magnitude 9.0 undersea earthquake triggers a tsunami. A wave up to 40 metres high destroys extensive coastal areas of the main island, Honshu. Even without considering the consequences of the nuclear accident in Fukushima, the economic losses caused by the quake and the tsunami come to US$ 210 billion – the costliest natural catastrophe of all time. Insured losses amount to US$ 40 billion.
2012 – Innovative risk coverage for wind turbines
Munich Re becomes the first insurance group to offer serial loss cover for offshore wind turbines. The first policy is arranged for a wind farm in the North Sea. This further extends the range of solutions Munich Re offers for risks involved in the production of renewable energy.
2013 – New performance guarantee insurance for LED modules
LED lights offer ecological and economic advantages and have a particularly long service life compared to conventional light sources. One US manufacturer even plans to offer a five-year guarantee for the brightness and colour consistency of its LED modules. Munich Re assumes part of the financial risk and develops a pioneering coverage concept.
2013 – US weather-risks specialist acquired
Munich Re acquires from reinsurer RenaissanceRe Holdings Ltd., Bermuda, the latter’s business unit for weather risks, RenRe Energy Advisors Ltd. (REAL). REAL’s team of experts have more than 16 years’ experience in covering and trading weather risks, and REAL is one of the leading providers in this market segment. Clients are mainly energy companies in the USA and other markets requiring coverage against fluctuations in income due to adverse weather conditions.
2014 – Innovative satellite insurance
Munich Re offers commercial satellite operators a new insurance solution covering a satellite’s entire service life.
2015 – Risk Solutions as new pillar of growth
Digitalisation and big data are changing societies and economies across the world. Munich Re is playing an active role in managing these changes and is developing innovative solutions for new risks and coverage requirements. With considerable success: for example, know-how-driven business with Risk Solutions for industrial and major clients has been growing for years and, with premium in excess of €4bn, has long been a stable source of income alongside traditional reinsurance business.
2017 – Joachim Wenning becomes new Chair of Board of Management
A full member of the Board since 2009, Joachim Wenning becomes CEO with effect from 27 April 2017.
2019 – Munich Re invests in Next Insurance
Munich Re acquires additional shares of Next Insurance, for a total of ~27.5% of the California-based start-up. The investment deepens Munich Re’s existing partnership with Next Insurance. Through its Digital Partners unit, Munich Re has been cooperating with the start-up since 2016 and supports it with services and risk assumption. This investment underscores Munich Re’s commitment to be the leading provider of digital insurance solutions.
2020 – New “Ambition 2025” strategy includes progressive climate protection targets
With “Ambition 2025”, Munich Re’s new strategy for growth and performance, the Group also defines a carbon reduction strategy. Munich Re sets ambitious climate protection targets for its investments, its (re)insurance transactions and its own business operations, helping to reach the targets set in the Paris Climate Agreement.
2021 – Munich Re covers COVID-19 losses in the billions
The business model proves to be robust even during the crisis, and Munich Re is able to absorb the COVID-19-related insured losses. By covering insured losses in the billions, Munich Re makes a substantial contribution to coming to grips with the pandemic, from both an economic and social standpoint. Munich Re’s operations can continue unhindered, as nearly all operative processes are rapidly switched to a working-from-home model.