Munich Re Specialty has been granted regulatory approval to offer commercial solutions in the German primary specialty insurance market, marking the next stage of its European footprint strategy following the launch of operations in Spain on April 1.
The new offering in Germany will initially include Construction & Engineering, Property and Renewable Energy insurance. These are well-established product lines for Munich Re Specialty and are already available in Spain.
In addition, the company’s German and Spanish arms will offer Surety as a new product line, led by Julia Kromer, who has been appointed Chief Underwriting Officer for Surety.
To lead the day-to-day primary business operations in Germany for Munich Re Specialty, José David Jiménez García has been appointed as Managing Director.
An insurance executive with 30 years of experience, Jiménez García will focus on driving growth and fostering key relationships among primary specialty brokers and clients.
He will report to Silvi Wompa Sinclair, CEO of Munich Re Specialty – Global Markets, Europe.
To enable the extension of its presence in the commercial primary specialty insurance market, Munich Re Specialty has also set up a German MGA branch of Munich Re Risk Solutions Ireland Limited, which holds regulatory approval to passport into Germany.
The branch will underwrite business through Great Lakes Insurance SE, a primary insurer fully owned and regulated by BaFin, known for its expertise in delegated authority and complex risk management. Great Lakes Insurance SE is part of Munich Re.
This new set up will complement the ongoing operations of Hansekuranz, a wholly owned MGA of Munich Re, which is part of Munich Re Specialty – Global Markets, Europe.
To support its new operations and to capture local market opportunities, Munich Re Specialty will create new roles in Germany and establish a Frankfurt office.
This new location is to complement Munich Re’s existing presence in Munich and Hansekuranz’s base in Münster.
Silvi Wompa Sinclair, CEO of Munich Re Specialty – Global Markets, Europe, said: “The extension of our presence and the development of new business lines is an important next step for the growth plans of Munich Re Specialty. Germany is the largest and deepest insurance market in continental Europe, and as the home of Munich Re, we are delighted to be extending our specialty offering into a market that instinctively understands our brand and its value.
“Increasing our underwriting ambitions, evidenced by the rollout of Surety, will advance and build on our continental primary specialty strategy. We are successfully scaling our efforts following our launch in the Spanish commercial market. Over the coming years, we will be working to further develop our offering and continue meeting emerging client needs.”
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