Munich Re Expands Health Reinsurance Presence in Minnesota

PRINCETON, N.J.--(BUSINESS WIRE)-- Munich Re, one of the world’s leading reinsurers, announced that after two very successful years serving Managed Care and Provider clients, it is further expanding its health reinsurance presence in the Minneapolis, Minnesota area to provide risk solutions to a larger client base.

The Managed Care and Reinsurance Solutions division in Minnetonka, MN will broaden its service from Health Maintenance Organizations (HMOs) and healthcare providers to health insurance carriers offering a full health reinsurance portfolio.

This decision was taken to leverage synergies in underwriting, actuarial and claims to improve coordination and service for clients and brokers.

“The Minnesota region is strategically important to us,” said Donna Peterson, President & CEO of Munich Health North America. “We benefit from the talent pool in that region and we continuously look for ways to create synergies for our business operations and our clients.”

The Minnetonka office is led by David Sipprell, President of Munich Re Managed Care and Reinsurance Solutions. “We see tremendous opportunities in combining the two businesses and bringing a comprehensive offering to clients with similar needs,” he said.

The location will expand its current staff to cover the additional client and broker responsibility.

Program Reinsurance, led by Douglas Yates, will continue to be based in the Princeton, NJ, office and serve Managing General Underwriters (MGUs), Third Party Administrators (TPAs) and other Program Manager clients.

Munich Re’s Healthcare activities in the U.S. are represented by three units: Munich Re Stop Loss, led by Travis Micucci, in Andover, MA; Managed Care and Reinsurance Solutions in Minnetonka, MN; and Program Reinsurance in Princeton, NJ.

Munich Healthis one of three business segments of Munich Re. Here all international health care business in insurance and reinsurance operations, as well as related services are pooled under the Munich Health brand.

Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.

Disclaimer

This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.

Princeton, April 2, 2015

Munich Health North America, Inc.
555 College Road East
Princeton, New Jersey 08543
United States
www.munichhealthna.com

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Source: Munich Re