Munich Re (Munich Reinsurance Company, or in German Münchener Rückversicherungs-Gesellschaft) is the world’s biggest reinsurance company. Reinsurers function as risk managers, assuming part of the risk covered by primary insurers. However, it also provides primary insurance, especially in Germany, where it it’s on #2 position on the market.
Munich Re is offering insurance to 5,000 insurance companies in 150 countries of the world. Primary care is provided by their ERGO Insurance Group in 23 countries. It was founded in 1880 by Carl Thieme (the same man who founded Allianz) and became known after the San Francisco earthquake in 1906, having handled many expensive but successful claims. Munich Re was one of the main insurers of WTC.
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