Munich Re board inaugurates new London hub

Munich Re board inaugurates new London hub | Insurance Business New Zealand

Reinsurance

Munich Re board inaugurates new London hub

Office part of the “One Roof” initiative

Reinsurance

By
Kenneth Araullo

Munich Re’s board of management, including chairman Joachim Wenning, Achim Kassow, Thomas Blunck, and Nick Gartside, recently visited the company’s new flagship office in London for a formal ribbon-cutting ceremony.

The newly opened workspace is set to become a key hub for the insurer in the UK market.

During the visit, discussions centered around key business priorities, such as employee well-being and the importance of developing a strong leadership pipeline. The board also addressed how the company’s inclusive practices will position Munich Re for the future.

The new London office is part of Munich Re’s global “One Roof” initiative, which aims to enhance collaboration across the group by integrating expertise from various divisions to better meet client needs and shape long-term strategy.

The visit also highlighted the use of the office’s facilities, including a rooftop garden that staff utilized for activities like games of giant Jenga, showcasing the workspace’s blend of functionality and employee engagement features.

Elsewhere, the giant reinsurer also recently announced a robust performance for the first half of 2024, achieving a profit of €3.76 billion, a significant increase from the €2.425 billion recorded in the same period last year.

The company’s second-quarter net result also showed strong growth, reaching €1.62 billion compared to €1.15 billion in Q2 2023.

The reinsurer’s results are mainly attributed to the organic growth in its life and health reinsurance and property-casualty reinsurance segments.

“Thanks to a profit of nearly €3.8 billion in the first half-year, Munich Re has performed well once again,” Wenning said. “What’s more, we’ve never earned more in the first six months of any year. This result demonstrates our operational strength in reinsurance and primary insurance – both of which delivered better-than-expected profits.”

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