Munich Re announces restructuring of its divisionsBy The IJ Staff | July 19 2018 01:30PM
Munich Re announced this week that it will reallocate the responsibilities on its Board of Management. This will mean larger divisions, but no changes in the composition of the Board, says the reinsurer.
As part of this reorganization, Munich Re’s Special and Financial Risks (SFR) division will be disbanded with those units of SFR that operate globally being allocated to Global Clients/North America, headed by Peter Röder. Those units with a European operational focus will be assigned to the Europe/Latin America division. Doris Höpke will assume responsibility for this expanded division.
Similar business models
Responsibility for the reinsurance business in Germany will be reallocated from the Germany, Asia-Pacific, Africa division to Europe/Latin America because they share the same regulatory environment and have similar business models, says the reinsurer. Hermann Pohlchristoph will remain responsible for property-casualty reinsurance in Asia, Pacific and Africa.
The new divisional structures and responsibilities will take effect on Aug. 1, 2018.
Simplifying structures and processes
“The reorganization of the divisions is intended to make the best use of business synergies, and also to simplify structures and processes. The business models of all the units affected will remain unchanged,” says Munich Re.
In addition, the reinsurer announced that Jörg Schneider will retire from the Munich Re Board of Management, at his own request, on Dec. 31, 2018. The Supervisory Board of Munich Re has appointed Christoph Jurecka as his successor. Since 2011, Jurecka has been the CFO of ERGO Group AG, Munich Re’s primary insurance subsidiary.