Munich Re
 |
|
| Aktiengesellschaft (: MUV2) | |
| Industry | Financial services |
| Founded | April 19, 1880 |
| Headquarters | Munich, Germany |
|
Area served
|
Worldwide |
|
Key people
|
(CEO and Chairman of the executive board), Bernd Pischetsrieder (Chairman of the supervisory board) |
| Products | Reinsurance, primary insurance, asset management |
| Revenue | €50.4 billion (2015) |
| €4,819 million (2015) | |
| Total assets | €276.5 billion (2015) |
| Total equity | €30.8 billion (2015) |
|
Number of employees
|
43,554 (2015) |
| Website | munichre.com |
Munich Re Group or Munich Reinsurance Company (German: Münchener Rück; Münchener Rückversicherungs-Gesellschaft) is a reinsurance company based in Munich, Germany. It is one of the world’s leading reinsurers.ERGO, a Munich Re subsidiary, is the Group’s primary insurance arm. Munich Re's shares are listed on all German stock exchanges and on the Xetra electronic trading system. Munich Re is included in the DAX index at the , the Euro Stoxx 50, and other indices.
In 1880, Carl von Thieme, a native of Erfurt, whose father was the director of Thuringia, founded Münchener Rückversicherungs-Gesellschaft together with Wilhelm von Finck (co-owner of the Merck Finck & Co bank) and Theodor von Cramer-Klett. This was followed by the founding of Allianz Versicherungs-Gesellschaft in 1890. 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.
In 2015 the company's equity amounted to €31.0 billion. The group’s premium income for the year (gross premiums written) was €50.4 billion, with its consolidated result amounting to €3,122 million.
In February 2010, U.S. investor Warren Buffett became Munich Re's largest single shareholder of the company. As of December 2015 he reduced his holdings to less than 3 percent.
Besides its reinsurance business, the Munich Re Group also transacts primary insurance business through the ERGO Group, and, since 1999, asset management through MEAG (MUNICH ERGO AssetManagement GmbH).
Munich Re has clients (insurance companies) worldwide. It assumes part of the risk covered by these insurance companies, as well as providing comprehensive advice on insurance business. In addition to its Munich head office, Munich Re has more than 50 Business Units around the world. Munich Re provides reinsurance cover for life, health, casualty, transport, aviation, space, fire and engineering business. In 2015, gross premiums written in the reinsurance segment amounted to around €28.2bn.
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Wikipedia