Organisational changes in the field of reinsurance
A few structural adjustments are planned in the field of reinsurance with a view to further strengthening Munich Re's competitiveness. The changes mainly concern marine business, facultative business, central claims management, and the structuring of the market units in the Europe and Latin America Division.
Munich. The main objectives of the planned changes, whose details are still to be elaborated, are a further improvement in underwriting and even better sharing of internal knowledge. The measures are scheduled to be implemented by the end of 2014.
Responsibility for marine business will be centralised and assigned to a new divisional unit in SFR (Board responsibility: Thomas Blunck). The bundling of this business is intended to further enhance underwriting quality, service for clients worldwide, and product development.
As is already the case in the Global Clients/North America Division (Board responsibility: Peter Röder), facultative business (reinsurance of single risks) will now also be bundled in each of the other regional divisions – Europe and Latin America (Board responsibility: Georg Daschner) and Germany, Asia Pacific and Africa (Board responsibility: Ludger Arnoldussen).
In the Europe and Latin America Division, the four market units will be condensed into three. The exact split will be decided on in the first half of 2014.
The Corporate Claims unit will in future report directly to the Reinsurance CEO, Torsten Jeworrek. This decision reflects the increasingly important role of an overarching claims unit for Munich Re.
Central Procurement will be reassigned to Ludger Arnoldussen's area of responsibility on the Board.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.