Company Profile
Munich Re
Company Overview
Munich Re is one of the world’s leading risk carriers and stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. The Group operates in all lines of insurance, with around 45,000 employees throughout the world and combines primary insurance and reinsurance under one roof.
Besides our capital base, the foundation of our success is knowledge and competence – qualities that benefit clients and staff alike. As a world-class reinsurer, we invest a great deal in maintaining our knowledge lead and foster the innovative strength and expertise of our more than 11,000 employees in reinsurance. We motivate by offering a wide variety of responsible tasks with clear objectives, and cultivate a team spirit. Our corporate culture is defined by performance, mutual respect and trust. All this makes us an attractive employer providing global career development opportunities and prospects.
Imprint: www.munichre.com/en/service/imprint.aspx
Munich Re Legal Notice: www.munichre.com/en/service/legal_notice.aspx
Company History
Group History
130 years Munich Re – An exciting story
It all started on a small scale in April 1880: two rooms, four staff members, standing desks, oil lamps, no telephone. But behind this modest new business lay a great idea. The founding of Munich Reinsurance Company heralded the onset of a new reinsurance era. Von Thieme’s aim was to achieve success with a company that was independent of insurers, had a broad spread of risk and an efficient system of reinsurance treaties, and remained very close to its clients. The idea worked. Within a few years, Munich Re had become a world leader in its field and has continued to play an important role in shaping the insurance industry up to the present day. However, there have been some serious setbacks on the way – Munich Re has had to cope with large loss events, two world wars and upheaval in the financial markets, but has emerged from all of these crises and surged ahead again with renewed strength and ideas.
From a four-man business to one of the world’s leading risk carriers – a company story that has never been low on excitement:
1880 - 1889: The early years
The founding of the company and the first treaties. Initial ventures into primary insurance.
1890 - 1909: Expansion beyond Germany’s borders
Munich Re enters the British and US markets. The company introduces machinery insurance and suffers its first large losses.
1910 - 1919: The company’s first building, the war years
New risks are covered, such as aviation and life insurance for all, and the Main Building is erected. Success is dampened by the difficult war years.
1920 - 1949: The Weimar Republic and the Second World War
The Second World War constrains the company’s operations: international transactions are prohibited, the company is brought before a military tribunal and severe catastrophes have to be absorbed.
1950 - 1969: Growth years
International transactions are again permitted. Munich Re regains its old strength. After only three years, business stands at around two-thirds of pre-war levels.
1970 - 1989: Natural catastrophes – the growing threat
As a result of the increasing occurrence of natural catastrophes, Munich Re sets up a research unit for natural hazards. The company celebrates its centenary and expands its international business.
1990 - 1999: Years of expansion
The 1990s are marked by many decisions that safeguard the company’s long-term position in the national and international markets and strengthen its balance sheet. These include the acquisition of American Re and the founding of the ERGO Insurance Group and MEAG, the Group’s asset management company.
2000 - 2010: The new Munich Re brand
Munich Re sets out to offer its clients more than “classic” reinsurance and becomes a provider of solutions for the insurance industry’s entire value chain.