New Way Forward for Munich Re in Africa
Munich Reinsurance Company of Africa Limited (MRoA) has decided to streamline and strengthen the organisation’s business model by establishing Johannesburg as the sole hub for its Sub-Saharan African business.
Johannesburg. “As the needs of our business and that of our clients has evolved over the past few years, as indeed has the positive outlook for Africa’s economic growth, Munich Re has completed a thorough review of its strategy on the continent. We believe that by centralizing our skills-base we will be well positioned to build critical scale and reduce internal complexity, thus being better placed to concentrate on client needs.” comments Junior Ngulube, Chief Executive MRoA. “While this will entail the closure of Munich Mauritius Reinsurance Company, which was set up in 1997 in Mauritius with full operational responsibility for non-Southern African business, as always, the needs of our clients and our staff are at the forefront of our minds, and we will ensure that those needs are met”.
Ngulube added: “Our clients will benefit from even better access to all our product specialists and experts of a strengthened larger single platform with the rating of Munich Re (Group). Our commitment to the continent remains unwavering, as it has been for close to 50 years, and we remain convinced about the development potential in Africa, and of Munich Re’s role in this development”.
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.