Munich Re Syndicate Limited

Normal view (turn off text only mode)
You are here:

Modern Slavery Act

Munich Re Syndicate Limited (MRSL) is a Lloyd’s Managing Agency operating as an underwriting company in Marine, Energy and specialty lines of insurance and reinsurance. Through Lloyd’s licenses, Munich Re Syndicate Limited underwrites its business through a network of brokers and agents all over the world.

Munich Re Syndicate Limited is a subsidiary of the Munich Re Group which is one of the world’s largest provider of insurance and reinsurance products that is more than capable of taking on risks worldwide of every type and complexity. With Worldwide assets of EUR219.4 billion, in the financial year 2016 the Munich Re Group achieved a profit of €2.6bn on premium income of €48.9bn. It operates in all lines of insurance and reinsurance, with almost 43,000 employees throughout the world.

We are proud to be part of the achievements of the Group as a whole and subscribe to the objectives of the Group’s Corporate Social Responsibility (CSR) principles as outlined on the Group’s website. Importantly, since 2007 the Group has committed itself to the 10 principles of the UN Global Compact which cover the areas of human rights, labour standards (covering modern slavery), environmental protection and corruption prevention. The Munich Re Group publishes a separate Modern Slavery Act Statement which provides information in respect of the steps taken throughout the Group.

We undertake strict due diligence on all our customers and suppliers including paying strict attention to UN, UK, EU and US sanctions by monitoring our customers to ensure we do not breach sanctions, a number of which are connected with Human Rights’ abuses.

Additionally during 2016 as part of a Group-wide protocol we are including the UN Global Compact in all our supplier contracts as they come up for renewal, reserving our position to cancel the contract where a supplier’s practices fail to comply with the 10 principles.

All of our employees have contracts of employment as a matter of law and are required to commit to the Munich Re Group Code of Conduct which references the UN Global Compact’s Ten Principles and other corporate social responsibilities. It is envisioned that all MRSL staff will be provided with online compliance training on the Munich Re Group Code of Conduct in 2017 which will include training on the UN Global Compact’s Ten Principles.

Munich Re Syndicate Limited is proud to be an equal opportunities employer seeking to employ qualified staff who aspire to not only our own values corporate social responsibility but also the values of the wider Lloyd’s Market. The company supports all its employees in further professional education through a programme of financial assistance in taking professional qualifications and provides study leave for each examination.

The Lloyd’s Market has a long history of Corporate Social Responsibility from its early commitment to the wellbeing of casualties arising from the Napoleonic Wars through the creation of the Patriotic Fund in 1803 to which all underwriters in the Market at the time subscribed. The Patriotic Fund now forms part of a much expanded CSR programme for the Market in which MRSL takes a keen interest and supports where able. Details of the programme may be found using the following link Lloyd's Corporate Social Responsibility. All staff are encouraged to attend the wide range of market-led mentoring and educational programmes and seminars.
  

Information

Syndicate 457 at Lloyd's, managed by Munich Re Syndicate Limited is authorised by Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.


Main Navigation
Service Men
Accessibility

Note


This publication is available exclusively to Munich Re clients. Please contact your Client Manager.