Munich Re to set up underwriting agency offering primary transport cover |
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Published
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Mon, 25 Jun 2007 07:58
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FRANKFURT (Thomson Financial) - Muenchener Rueckversicherungs AG is planning to set up an underwriting agency that will offer primary insurance cover in the areas of transport and aviation, daily Financial Times Deutschland said citing management board member Torsten Jeworrek.The new company -- to be established in autumn as part of Munich Re's ongoing 'Changing Gear' growth programme -- will be based in Cologne and is to achieve premiums of 40-60 mln eur per year.The agency will function like an insurer and assess risks, determine premiums and issue insurance policies. However, the agency's risks are to be born by another insurance company, the report said.'This could be Munich Re itself or one of the group's units,' Jeworrek told the newspaper, adding that the main focus of the agency will be on insuring the transport of goods as well as providing cover for private and company planes.judith.csaba@thomson.comjcs/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Munich Re rules out significant acquisitions in the reinsurance sector 