Munich Re America restructures

North America

Munich Re has unveiled strategic and management changes to its US business that it hopes will drive greater profitability and client focus. Munich Re America will be structured by client type, rather than by distribution channel or product, from the beginning of next year. Four divisions will be established: national clients headed by Pina Albo, currently executive manager in Munich responsible for the UK and Ireland; regional clients led by Dominic Addesso; broker market division headed by Gregory Coda and a unit for specialty markets, including US alternative market and primary property-casualty insurance business, headed by Craig Smiddy. All division managers will report to Anthony J. Kuczinski, who is to succeed John P. Phelan as chief executive from the beginning of next year. The management changes coincide with a “client-centric” structure for its US operations that it hopes will increase profitability from direct and broker reinsurance and primary insurance. Each US property/casualty client will be appointed a single Munich Re Group client manager while each reinsurance brokerage firm will be assigned a dedicated broker manager.