Douglas G. Elliot, President and CEO of HSB Group, Inc., resigns position

Princeton, New Jersey, 28 March 2011 – Munich Re announces that Douglas G. Elliot, President and CEO of HSB Group, Inc., and President of Specialty Insurance, has resigned from the company effective today to pursue other business interests.

Until a decision is made regarding Doug Elliot’s position, his responsibilities will be assumed by Anthony J. Kuczinski, President and CEO of Munich Reinsurance America, Inc., who heads Munich Re’s property and casualty operations in the U.S.

“I am confident in the strong leadership within our specialty insurance operations, and in their commitment to driving their businesses. These are outstanding franchises, which will continue to provide the same high level of service and technical expertise their clients expect. In other words, it will be business as usual,” said Tony Kuczinski.

“Since Munich Re’s purchase of Hartford Steam Boiler in April 2009, Doug and his leadership team helped integrate the HSB Group into Munich Re. We are very comfortable with the progress we have made to date in these efforts,” said Peter Röder, member of Munich Re’s Board of Management responsible for business in North America.

“We understand Doug’s decision to move on to new challenges outside Munich Re, and we wish him all the best in the future,” added Kuczinski.