Munich Re Specialty expands into Italian primary specialty market

Munich Re Specialty is expanding into the Italian primary specialty insurance market, with first risks expected to be insured in early 2027.

The business will initially offer construction and engineering, property and surety products to small and medium-sized enterprises, mid-market and upper mid-market clients.

The move marks the next stage of Munich Re Specialty’s European expansion, following the development of its primary specialty operations in the UK and Ireland, Spain and Germany.

Munich Re Specialty said Italy will become the fifth country in its European growth strategy.

Saverio Longo (pictured) has been appointed managing director for Italy and will lead day-to-day operations.

Longo has more than 20 years of experience in the commercial and corporate insurance market in Italy, including previous roles as country manager at Zurich Global Corporate and Commercial Insurance Italy and AXA XL Italy.

He will be joined by Gian Luca Migliorini, who has been appointed head of underwriting, Italy.

The operation will be based in Milan and will sit under the existing Italian branch of Great Lakes Insurance SE, Munich Re’s wholly owned primary insurer.

Munich Re Specialty said it plans to create additional roles locally as it builds out its construction and engineering, property and surety capabilities.

Silvi Wompa Sinclair, CEO of global markets and Europe at Munich Re Specialty, said: “Expanding Munich Re Specialty into Italy, the fifth country of our European journey, is a milestone to celebrate.

“The abundance of potential clients within our market segment strategy and their demand for Surety, Property and Construction insurance make Italy an exciting next step.”

She added: “We have successfully scaled our growth ambitions over the past three years by fostering close broker partnerships and purposefully placing underwriting talent in close proximity to market needs.”