Munich Re has decided to establish an additional Board division. As of January 1, 2023, 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 division will be headed by Michael Kerner (57 years), who was newly appointed to the Board of Management by the Supervisory Board effective January 1, 2023. ERGO is not affected by the changes.
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 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.
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.