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Munich Re

Munich Re
Company nameMunich Re Group
Münchener Rückversicherungs-Gesellschaft AG
Company typeAktiengesellschaft (FWB - MUV2)
IndustryFinancial services
Founded19 April 1880
HeadquartersMunich, Germany
Area servedWorldwide
Key peopleNikolaus von Bomhard (CEO and Chairman of the executive board), Hans-Jürgen Schinzler (Chairman of the supervisory board)
ProductsReinsurance, primary insurance, asset management
Revenue-45.54 billion (2010)
Operating income-3.978 billion (2010)
Net income-2.422 billion (2010)
Total assets-236.36 billion (end 2010)
Total equity-23.03 billion (end 2010)
Employees46,915 (end 2010)

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Munich Re Group (Munich Reinsurance Company, ) is a reinsurance company based in Munich, Germany. It is one of the world’s leading reinsurers. ERGO, a Munich Re subsidiary, is the Group’s primary insurance arm.

Munich Re's shares are listed on all German stock exchanges and on the Xetra electronic trading system. Munich Re is included in the DAX index at the Frankfurt Stock Exchange, the Euro Stoxx 50, and other indices.

In 2010 the company's equity amounted to -23.0 billion. The group’s premium income for the year (gross premiums written) was -45.5 billion, with its consolidated profit amounting to -2.430 billion.

In February 2010, U.S. investor Warren Buffett became Munich Re's largest single shareholder with 10.2 percent of the company.

The BBC reported in May 2011 that in 2007 a subsidiary of ERGO, Hamburg-Mannheimer, held an orgy with around 100 guests and 20 prostitutes in order to "reward" salesmen. Prostitutes were stamped for every service rendered, and those wearing white wristbands were reserved for board members or top performing salesmen.

As a result of this ERGO has adopted a package of measures improving the quality of advice and strengthening compliance within the company. Independent agents will undertake, by means of a code of conduct, to comply with strict rules governing relations between the company, its sales agents and customers.

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