Munich RE (Münchener Rück)

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München engages in the insurance and reinsurance businesses worldwide. The company operates through five segments: Life and Health Reinsurance; Property-Casualty Reinsurance; ERGO Life and Health Germany; ERGO Property-Casualty Germany; and ERGO International. It offers life and health reinsurance solutions, such as financial market risks, data analytics, claims handling and underwriting, medical research, health market, capital management, and digital underwriting and analytics, as well as MIRA digital suite; and property and casualty reinsurance solutions, including agricultural risk, data analytics, infrastructure risk profiler, remote inspection, retroactive reinsurance, insurance-linked securities, location risk, risk transfer, and cyber, as well as NatCatSERVICE for natural catastrophe loss database, REALYTIX ZERO, IMPROVEX, cert2go, consulting for product development, prospective structured reinsurance, and Vahana AI for motor claims. 

The company also provides solutions for industry clients, such as IoT cover, earnings quality insurance protection, captive insurance and risk transfer, liability, weather risks, space and satellite insurance, bioenergy plant performance insurance, solar energy insurance, wind farm insurance, mining insurance, construction projects covers and services, aviation insurance, power and utilities, oil and gas companies insurance, industrial cyber insurance, risk suite, data and location risk intelligence, digital risks, PV warranty insurance, parametric, Insure AI, liquidation damage cover, and natural catastrophes solutions. In addition, it offers life, property-casualty, health, legal protection, and travel insurance products under the ERGO brand name. The company was founded in 1880 and is based in Munich, Germany.

In 1880 Carl von Thieme, a native of Erfurt who was the representative in Bavaria of his father's Thuringia insurance company, founded in Munich Münchener Rückversicherungs-Gesellschaft together with Wilhelm von Finck and Theodor von Cramer-Klett. This was followed by the founding of Allianz Versicherungs-Gesellschaft in 1890 in Berlin. Carl von Thieme was head of Munich Re until 1921, and Wilhelm von Finck served as Chairman of the supervisory board until 1924. Munich Re became renowned after the San Francisco earthquake of 1906 as the only insurer that remained solvent after paying out all the claims, a total of 15.5 million Marks . 

During the Nazi dictatorship, Munich Re benefited from anti-Semitic persecution. Jewish customers had to cancel their life insurance prematurely leading to huge profits for the insurance companies. At the same time, Munich Re could acquire several properties owned by Jews at prices below the market rate. Starting from 1940 the company was involved in Allianz' insurance business with the SS: Munich Re served as a reinsurance company for contracts insuring the barracks and operations in the concentration and extermination camps Auschwitz, Buchenwald, Dachau, Neuengamme, Ravensbrück, Sachsenhausen and Stutthof. Supervisory board member Kurt Schmitt joined the NSDAP and SS in 1933 and took the position of Reich Economy Minister for one year. In 1938 he became Director General of Munich Re and stayed in this position until the American military authorities relieved him of all offices at the end of the war.

In February 2010, U.S. investor Warren Buffett became Munich Re's largest single shareholder. As of December 2015, he reduced his holdings to less than 3 percent. In 2018, the company's shareholders' equity amounted to €26.5 billion. The group's premium income for the year was €49.1 billion, with its consolidated result amounting to €2,275 million.

The company's mission is to help its clients manage risk and protect themselves against losses due to natural disasters, accidents, and other unforeseen events.

To achieve this mission, Munich RE focuses on several key strategies:

Providing customized insurance solutions: Munich RE works closely with its clients to understand their unique risks and develop tailored insurance products that meet their specific needs.

Investing in risk research and development: Munich RE invests heavily in research and development to better understand emerging risks and develop new solutions to manage them.

Promoting sustainability: Munich RE is committed to promoting sustainable business practices and helping its clients address climate change and other environmental risks.

Fostering a culture of innovation: Munich RE encourages its employees to think creatively and develop innovative solutions to help clients manage risk more effectively.

According to its website:

“Our aim is to prepare people to cope with risk and to improve their living conditions. Our work effectively supports people in risk situations and helps to avoid risks. In dialogue with our partners worldwide, we stimulate ideas and create perspectives.”

Reinsurance: Munich RE provides reinsurance services to insurance companies around the world. This includes property and casualty reinsurance, life and health reinsurance, and specialty reinsurance.

Insurance: Munich RE also offers insurance products directly to customers in certain markets. These products include property insurance, liability insurance, and specialty insurance.

Risk management: Munich RE provides risk management services to help clients identify and manage potential risks. This includes risk assessments, risk modeling, and risk consulting.

Asset management: Munich RE offers asset management services through its subsidiary, MEAG. This includes managing investments in equities, fixed income securities, and real estate.

Digital solutions: Munich RE provides digital solutions to help clients improve their operations and better serve their customers. This includes tools for data analytics, risk management, and customer engagement.

Climate solutions: Munich RE is committed to addressing climate change and offers products and services that support sustainable practices. This includes climate risk assessments, green insurance products, and investments in renewable energy.