Move marks the next stage of the firm’s European growth strategy, introducing construction, property, renewable energy and surety products under new managing director José David Jiménez García (pictured).
Munich Re Specialty is extending its European footprint with a new primary specialty insurance offering in Germany, appointing José David Jiménez García as managing director to lead the expansion.
The move follows the launch of operations in Spain earlier this year and builds on the firm’s established presence in the UK and Ireland.
The business has received regulatory approval to offer commercial solutions in Germany through a new branch of Munich Re Risk Solutions Ireland Limited, which holds passporting rights into the country.
Munich Re Specialty’s initial German portfolio will include construction and engineering, property, and renewable energy products, with the addition of surety as a new line underwritten in both Germany and Spain.
Julia Kromer will lead the surety line as chief underwriting officer.
Jiménez García, who brings 30 years of industry experience, will oversee the day-to-day development of the primary specialty business in Germany.
He will report to Silvi Wompa Sinclair, CEO of Munich Re Specialty – Global Markets, Europe.
Wompa Sinclair said Germany represented the “largest and deepest insurance market in continental Europe” and an important next step in the firm’s growth strategy.
“The extension of our presence and the development of new business lines is an important next step for the growth plans of Munich Re Specialty,” she said.
“Germany is the largest and deepest insurance market in continental Europe, and as the home of Munich Re, we are delighted to be extending our specialty offering into a market that instinctively understands our brand and its value.”
“Increasing our underwriting ambitions, evidenced by the rollout of surety, will advance and build on our continental primary specialty strategy,” she added. “We are successfully scaling our efforts following our launch in the Spanish commercial market.”
The business intends to open a Frankfurt office as its German base, complementing Munich Re’s existing presence in Munich and Hansekuranz’s operations in Münster.
Hansekuranz, Munich Re’s wholly owned MGA specialising in crisis management and product recall, will play a key role in complementing the new lines while continuing its current activities in Germany, the company added.
No comments yet