By Ed Frankl

Munich Re AG said Thursday that it would create a new specialty-insurance division with growing premiums by 2025.

Various primary-insurance businesses of the group that are currently part of the reinsurance segment will be bundled into a new Global Specialty Insurance division, the German reinsurer said.

The division includes units from its risk-solutions businesses, including Munich Re Specialty Insurance as well as American Modern Insurance Group, HSB and Great Lakes Insurance, the company said.

Premiums at the business are projected to grow to nearly 10 billion euros ($10.68 billion) by 2025 from EUR7.5 billion at present, Munich Re said

The new business will be led by Michael Kerner, currently responsible for Munich Re's specialty-insurance activities in North America, who joins the company's board on Jan. 1.

The move aims to create synergies in IT infrastructure, marketing and services, as well as to make Munich Re a global player in specialty primary insurance, the company said.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

December 15, 2022 04:43 ET (09:43 GMT)

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