USX:MURGF - Munchener Ruckversicherungs-Gesellschaft AG Münchener Rückversicherungs-Ge
Sector: Financials, Industry: Reinsurance
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USD 477.7    +4.7 (+0.99%)

26 Mar 2024


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General

CEO: Dr. Joachim Wenning

Headquarters: US

Employees: 42,061

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Description

Munich Re was founded in 1880 by Carl Thieme amid a flurry of other reinsurance companies set up independent of primaries. In those early days, most reinsurers typically focussed on a few customers with strong reputations. Thieme focussed on a broader set of cedents in order to drive stronger growth in premiums. This coincided with a strategy of risk diversification and a preference to partner rather than take on a one-sided transfer of risk. In the 1890s, Munich introduced the first machinery insurance. After Thieme and Fink founded Allianz, this was the main channel to sell insurance on machinery. We think the approach of partnering with insurers and preferring to avoid one-sided risk, in conjunction with combining inspection and insurance services, remains at the heart of the firm.

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