Munich Re has decided to establish an additional Board division. Various primary insurance businesses of the Group that are part of the reinsurance segment will be managed together in a new Global Specialty Insurance (GSI) division.
The new GSI division mainly comprises units from the Risk Solutions field, such as American Modern Insurance Group (AMIG), HSB, Munich Re Specialty Insurance, Munich Re Syndicate and Aerospace as well as Great Lakes Insurance (GLISE).
In the course of the integration, premium volume is projected to increase from around €7.5bn at present to almost €10bn by 2025, in line with the Ambition 2025 strategy.
The aim of this restructuring is to continue to support the very good business performance primary insurance has seen and to drive forward further expansion in specialty primary insurance business in order to become a powerful global player in this field and to leverage synergies, for example in the areas of IT infrastructure, marketing and services.
The division will be headed by Michael Kerner (57 years), who was newly appointed to the Board of Management by the Supervisory Board effective 1 January 2023. ERGO is not affected by the changes.
“The expansion of less volatile fields of business, such as specialty primary insurance, is becoming increasingly important within our Group. The new Board division will help us to develop the full potential of this business. I wish Michael Kerner every success in this important task and look forward to our continued cooperation.” – Joachim Wenning, Chair of the Board of Management.
Kerner, a US citizen, joined Munich Re in December 2018 and has been responsible for Munich Re Specialty Insurance in North America. He has more than 30 years of experience in the global insurance industry.