Reinsurer rebrands all its activities as “first call” for clients
Munich Re is rebranding itself away from pure reinsurance to offering consultancy and other risk transfer services to clients.
It said risks were more complex and new risks were developing. “Munich Re wants to place much more emphasis on using its extensive risk knowledge to develop individual solutions for its clients in response to complex issues.
“Financial solidity allied to forward-looking competence form the cornerstones of its positioning.
It identified three reinsurance models:
- Comprehensive providers of a wide range of (re)insurance and capital market solutions that also offer their clients consulting and service
- Low-cost, pure providers of capacity
- Transfer to the capital markets
It said: “With its profound risk knowledge, high level of expertise in risk modelling and proven track record in risk management, Munich Re is clearly positioning itself as a comprehensive provider in the area of risk assumption and risk transfer.
“It recognises the opportunity of being the first port of call for clients in connection with all risk matters and in future of occupying new and profitable business sectors where special know-how is needed.
Munich Re said it will:
- offer its clients specialist consulting services also for internal processes such as balance-sheet management, risk modelling or asset-liability management.
- actively expand its business with insurance pools or in public-private partnerships and in specialist primary insurance niche segments in which risk expertise is the decisive success factor.
Torsten Jeworrek, member of Munich Re’s Board of Management: "Traditional reinsurance is our core business and will remain so. But we should aim to deploy our know-how even more precisely in future. We want to be the first port of call for our clients when it comes to solving complex underwriting issues.
“The solutions we put forward derive particular credence from the fact that we too assume the risks and are thus in the same boat as our partners."
In preparation for Solvency II, Munich Re is offering its clients a broad range of services, including consulting, workshops and tools. They can thus optimise their risk management, save risk capital or enhance the return on investment with the same risk capital.
Powerful Brand
All of the reinsurance units will in future appear under the brand of Munich Re. The company also said managing general agencies and insurance units that operate specialised primary insurance activities out of the reinsurance segment will in the medium term be designated Risk Solutions under the Munich Re brand.
"The new brand symbolises the sharper value proposition to our clients," said Jeworrek. "The clear visuality corresponds to our solution- and future-oriented company."