Munich Re Group
(Munich Reinsurance Company
, ) is a reinsurance
company based in Munich
. It is one of the world’s leading reinsurers. ERGO, a Munich Re subsidiary, is the Group’s primary insurance
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.
In 1880, Carl von Thieme, a native of Erfurt, whose father was the director of Thuringia, founded Münchener Rückversicherungs-Gesellschaft
together with Wilhelm von Finck (co-owner of the Merck Finck & Co bank) and Theodor von Cramer-Klett. This was followed by the founding of Allianz Versicherungs-Gesellschaft
in 1890. Carl von Thieme was head of Munich Re until 1921, and Wilhelm von Finck served as Chairman of the supervisory board
until 1924. Munich Re became renowned after the San Francisco Earthquake
of 1906 as the only insurer that remained solvent after paying out all the claims.
Besides its reinsurance business, the Munich Re Group also... Read More