AGM vote leads to new supervisory board chairman
Munich re has elected Hans-Jürgen Schinzler as chairman of its supervisory board and employee representative Hans Peter Claußen as his deputy.
The firm’s annual general meeting elected Peter Gruss, Peter Löscher, Anton van Rossum and Thomas Wellauer as new members of the supervisory board.
The board’s term of office runs until the end of the Annual General Meeting in 2014.
Munich Re is also paying an unchanged dividend of €5.50 per share for the financial year 2008. The company said it was expecting a satisfactory result for the first quarter of 2009.
Chairman of the board of management Nikolaus von Bomhard told shareholders at the Annual General Meeting: "We have consistently practised what we preach in our risk management, which is deeply ingrained in our day-to-day business. And as a result, we have been able to manage the financial crisis comparatively well to date."
"Although the picture is not yet complete, a satisfactory result is emerging. On the one hand, we had to absorb further strains on our investment result in the difficult capital markets. On the other hand, the performance of our underwriting business was pleasing, with manageable major losses from natural catastrophes. Although terms and conditions in reinsurance have yet to harden on a broad front, they have definitely done so in specific segments – especially covers for natural catastrophes."
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