Change on the Munich Re Supervisory Board

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12 December 2012 | Group

Press release

Change on the Munich Re Supervisory Board

The Chairman of the Munich Re Supervisory Board, Hans-Jürgen Schinzler, will retire from office on age grounds as at 31 December 2012. He will be succeeded as Chairman by Bernd Pischetsrieder, who has been on the Supervisory Board since 2002. The Board of Management will apply to the Local Court Munich (Registration Court) to appoint Ann-Kristin Achleitner to the Supervisory Board as a new member.

Schinzler (72) has been a member of the Supervisory Board and its Chairman since 2004. He joined Munich Re in 1968, becoming a member of the Board of Management in 1981 and holding the office of Chairman of the Board of Management from 1993 to 2003.

The Supervisory Board has elected Bernd Pischetsrieder (64) as the new Chairman of the Supervisory Board of Munich Re with effect from 1 January 2013. Pischetsrieder has been a member of the Supervisory Board since 2002. "I am glad we have been able to enlist Bernd Pischetsrieder for this office. Thanks to his long-standing service on our Supervisory Board, he is very well acquainted with the topics and challenges of the international insurance industry. We thus have the continuity that a corporation with a long-term business model like Munich Re needs", said Hans-Jürgen Schinzler, now Honorary Chairman of the Supervisory Board. Bernd Pischetsrieder, who has a degree in engineering, was Chairman of the Board of Management of Volkswagen AG from 2002 to 2006, prior to which he was on the Board of Management of BMW AG from 1993 to 1999.

To ensure that the Supervisory Board is complete from 1 January 2013, the Board of Management will apply to the Munich Local Court to appoint Ann-Kristin Achleitner (46), Scientific Director of the Center for Entrepreneurial and Financial Studies (CEFS) of the Technical University of Munich. At its next regular meeting on 11 March 2013, the Supervisory Board will then adopt a resolution proposing to the Annual General Meeting to elect Ann-Kristin Achleitner to the Supervisory Board. Achleitner is a qualified lawyer and economist. She has been a Professor at the Technical University of Munich since 2001 and a member of the Government Commission on the German Corporate Governance Code since January 2012.


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Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. Munich Re creates value for clients, shareholders and staff alike. In the financial year 2011, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €0.71bn on premium income of around €50bn. It operates in all lines of insurance, with around 47,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world's leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2011, ERGO posted premium income of €20bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re's global investments amounting to €202bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.


Disclaimer
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.


Munich, 12 December 2012

 

Münchener Rückversicherungs-Gesellschaft
Aktiengesellschaft in München
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Germany



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