American Re, Munich Re Form Risk Management Unit
American Re and Munich Re announced that they have consolidated and integrated their existing alternative market operations on a worldwide basis. Am-Re Managers, Inc., Munich Re's alternative market unit and some members of Munich Re's oil and gas unit will merge to form Munich-American RiskPartners.
Dr. jur. Hans-Jurgen Schinzler, chairman of the Board of Management of Munich Reinsurance Company, said, "Greater and even better cooperation internationally within the group will generate maximum customer benefits, deepen the dialogue with our clients, and enhance our profile as a leading player in the alternative market. The combination of our alternative market operations into Munich-American RiskPartners will harness the collective capabilities of the group."
"Munich Re and American Re currently have complementary strengths, skills and portfolios in the alternative market arena," said Edward J. Noonan, president and CEO of American Re. "The senior management of Munich Re and American Re believe that by integrating our existing alternative market operations, we can leverage our collective group-wide capabilities into the marketplace."
"Neither American Re nor Munich Re is new to the Alternative Market," said Albert J. Beer, president of Munich-American RiskPartners. "Both have established reputations and portfolios in this field. American Re's alternative market division, Am-Re Managers, Inc., has been in operation for over 10 years, and has built a position of leadership in a variety of customer segments, including global accounts, public entities, non-profit organizations and group programs. Similarly, Munich Re has a strong foundation in the global accounts arena, with special expertise in the property and oil and gas fields. We selected the name Munich-American
RiskPartners to convey some of our defining strengths—unrivaled financial strength, worldwide reputation for quality, innovation and integrity, alternative market expertise, risk bearing nature and capabilities, and strong partnering culture with our clients. Munich-American RiskPartners will build on the history and strength of American Re and Munich Re to provide a new generation of solutions to its Alternative Market clients."
Munich-American RiskPartners will continue to provide customized risk transfer, risk sharing and risk management solutions to self-insured clients worldwide, such as public entities, non-profit organizations, "middle market" companies, multinational corporations, state funds, captives and group programs. A broader range of insurance and reinsurance products and services will be available to clients, including property, casualty, professional liability, management liability, workers' compensation, business continuity, financial products and health care.
Munich-American RiskPartners will be headquartered in Princeton, NJ, and have offices in Munich, London and various locations in the United States. Clients can also access Munich-American RiskPartners through the network of American Re and Munich Re offices worldwide.