Munich Health North America Announces Scott Machut as President of Reinsurance Division
Princeton, NJ 24 October 2013 – Munich Health North America announced today that Scott Machut has been appointed President of its Reinsurance Division, effective October 28, 2013.
“We are very pleased to welcome Scott to our group,” said Donna Peterson, President & CEO of Munich Health North America.” His proven leadership skills, broad experience and strong industry presence make him a great fit to lead our reinsurance team.”
Scott has over 20 years of experience in the North American life, accident, and health market, primarily on the reinsurance side. Most recently, he was Head of Accident & Health Business Development, USA, Beazley Group. Prior to that he spent 17 years with ING Re in Minneapolis, MN, where he held several senior leadership positions. He has had oversight responsibilities for P&L, underwriting, sales, new product development, and strategic planning.
As a special assignment while at ING, Scott was Head of the Project Management Office, ING Americas. In that role he reported to the CEO, was Chief of Staff, and worked closely with the US Executive Management Team to drive business transformation.
Joining Munich Health, Scott will be based in the Princeton office and will report directly to Donna Peterson. He will be responsible for developing and implementing business strategy, enhancing partnerships with clients and brokers, and growing the reinsurance business.
“I look forward to this challenge and the opportunity to contribute to the success of the Munich Health brand in the US,” said Scott.
Munich Health is one of three business segments of Munich Re. Here all international health care business in insurance and reinsurance operations, as well as related services are pooled under the Munich Health brand.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2012, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of around €52bn. It operates in all lines of insurance, with around 45,000 employees throughout the world. With premium income of around €28bn 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 2012, ERGO posted premium income of €19bn. 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 €214bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Reinsurance America, Inc. 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.