Munich Reinsurance America, Inc. - Corporate Responsibility -Corporate Governance

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Corporate Governance

It is our conviction that sound corporate governance creates lasting value. We therefore apply the highest recognized standards to our operations and activities in all of the markets in which we operate.

At Munich Reinsurance America, the Board of Directors includes three independent directors, and is responsible for supervising the conduct of the Company's affairs and the management of its business.  The Board's responsibilities include setting long term goals and objectives for the Company, formulating the plans and strategies necessary to achieve those objectives and supervising senior management in implementation.

 

Although the responsibility for managing the day-to-day affairs of the Company rests with senior management, the Board maintains a supervisory role in respect of, and ultimate responsibility for, all matters relating to the company and its business. The Board members act on a fully informed basis, in good faith, with due diligence and care and in the best interests of the company, its shareholder, employees, and all of its other stakeholders.
 

Complying With the Highest Requirements
US domestic property and casualty insurers, including reinsurers, are subject to regulation by their states of domicile and by those states in which they are licensed. Munich Reinsurance America is domiciled in Delaware and licensed to transact insurance or reinsurance business in all fifty states and the District of Columbia.
 

In 2010 Delaware adopted amendments to the Model Audit Rule, which were modeled closely on the Sarbanes-Oxley Act, concerning (i) auditor independence; (ii) corporate governance; and (iii) internal control over financial reporting. As required under the regulation, the independent members of the Board of Directors of the insurance subsidiaries also serve on the audit committee of the insurance subsidiaries.


Management believes that the US insurance and reinsurance operations are in material compliance with all applicable laws and regulations pertaining to their business and operations. 


Operating controls contribute to optimal risk management
Our established operating controls ensure financial strength, enable us to meet our obligations to clients, create sustained value for our shareholders and other stakeholders, and protect our reputation. The controls are developed and implemented in close collaboration with our parent company, Munich Re in Germany, in a number of areas including, but not limited to the following:

 

  • Forecasting and Results Monitoring
  • Aggregate Risk Monitoring and Control
  • Strong Underwriting Audit Process
  • Enterprise Risk Management

Compliance

In this environment of unprecedented change and opportunity, our path to continuing success is clear – uniting under a common mission, shared goals and a consistent standard of ethical conduct.

Code of Conduct and Ethics

We are fully committed to conducting business fairly, in a clearly ethical manner, and in full compliance with applicable laws and regulations. By ʺa clearly ethical manner,ʺ we mean working honestly, fairly, and with integrity and respect.

Value-based Management

Our risk strategy provides the framework for all of our business activity and is embedded in our value-based management approach. We assess business activities not only according to their earnings potential but also relative to the extent of the risks assumed.

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