Munich Re Group Annual Report 2006 (PDF, 1.8

Munich Re Group Annual Report 2006 Management report_Munich Re Group
Our primary insurance operations have essentially been
combined in the ERGO Insurance Group. But our primary
insurance segment also includes Europäische Reiseversicherung,
the Watkins Syndicate, and the assistance
services provider Mercur Assistance. We sold our majority
stake in the Karlsruher Insurance Group in late 2005.
The ERGO Insurance Group is made up of the longestablished
German companies Victoria, Hamburg-Mannheimer,
DKV and D. A. S., as well as KarstadtQuelle Versicherungen.
ERGO’s main companies outside Germany
are the life insurer ERGO Previdenza in Italy, the health
insurer DKV Seguros in Spain, the Polish property-casualty
insurer ERGO Hestia, and the Turkish ERGO Ísviçre Group
(acquired in 2006). Segment responsibility within ERGO is
centralised at holding level, while keeping the strong individual
brand identities and sales forces intact.
The main emphasis of the ERGO Insurance Group’s
business is on personal lines, especially insurances of the
person, i.e. life, health, and personal accident insurance.
Another segment of ERGO’s business is insurance for
small and medium-sized firms and also, on a selective
basis, industrial business. Moreover, ERGO is one of the
leading providers in the market for company pensions. In
health insurance and legal expenses insurance, it is market
leader in Europe.
ERGO’s marketing strategy is built on the interplay of
different distribution channels. Apart from its own strong
sales organisations, its exclusive banking partnership with
the HVB Group in Germany plays an important role. ERGO
also has a joint venture with KarstadtQuelle AG for the sale
of insurance products.
ERGO Versicherungsgruppe AG
MEAG MUNICH ERGO AssetManagement GmbH
MEAG MUNICH ERGO
Kapitalanlagegesellschaft mbH
With numerous subsidiaries and affiliated companies in
12 countries, as well as a network of strategic cooperation
agreements, Europäische Reiseversicherung is an effective
international alliance. Its most important product is travel
cancellation insurance.
The Watkins Syndicate, which operates within Lloyd’s
of London, has been part of the Munich Re Group since
1997. It specialises in marine insurance business and has
taken advantage of the favourable conditions over the last
few years to significantly strengthen its market position
and broaden its risk profile. Today it is the largest marine
insurance syndicate at Lloyd’s and is represented in the
UK, Hong Kong, Singapore and Dubai.
Mercur Assistance offers 24-hour assistance services
worldwide in the field of medicine and mobility.
Our International Health Board, established in 2006, is
responsible for the cross-segment management of our
health primary insurance activities outside Germany and
our global reinsurance operations in that line of business.
Asset management
MEAG MUNICH ERGO AssetManagement GmbH combines
Munich Re’s and ERGO’s investment activities. Virtually the
entire asset management of the Munich Re Group is concentrated
in MEAG, which at the end of 2006 had a total of
around €172.4bn in Group assets under management. The
subsidiary MEAG MUNICH ERGO Kapitalanlagegesellschaft
mbH is one of the major investment fund companies in
Germany, managing around €38bn in special and retail
funds.
Munich Reinsurrance Company
40% 60%
100% 100%
3 regional companies
3 facility management companies
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