Posted on 03 Apr 09
In this issue we highlight new storefront Munich Re America. We spoke with John Willemsen, Vice President, Specialty Markets and Tom McGrath, Senior Vice President, Head of Primary Insurance Programs to find out about the company and its programs.
Munich Re America was founded in 1917 and has a proud history of providing long-term security and individual service to its clients throughout challenging market conditions. We are also a core subsidiary of Munich Reinsurance Company, one of the world's leading reinsurers with a reputation for financial strength and risk expertise, that has been meeting the reinsurance needs of its clients since 1880. Munich Re America is among the industry's strongest financially stable companies with an A.M. Best rating of A+ and $3.6 billion in statutory surplus.
"We have some of the strongest ratings in the industry," says Tom. "We provide clients financial security and stability, and pride ourselves in being their partner in risk."
Headquartered in Princeton, New Jersey, Munich Re America has more than 1,200 employees in underwriting, actuarial, claims, systems, and supporting services, and has been providing program business insurance for 13 years. The Specialty Markets division works with MGAs and program administrators, capitalizing on their expertise to develop products in specific niches. Munich Re America's program business focus has been in these areas: educational, religious organizations, and secular nonprofit organizations (social services); public auto - school buses, limousines, taxis, motor coaches; and builders’ risk. Admitted and non-admitted products are available in all 50 states.
In addition to Munich Re America's financial security, key competitive advantages include providing multi-line programs and unbundled delivery of products and services. "Our MGAs have flexibility in terms of what services they use when it comes to claims adjusting, loss control and premium audits," says Tom. "We don’t require them to use our services, they can use other resources if they’d like." Additionally, Munich Re America can work with an MGA’s rating and policy issuance system or can provide its own system for these operations. This flexibility is part of Munich Re America’s overall commitment to working with its MGAs and program administrators.
Munich Re America is also committed to helping its MGAs grow. "Most of our program administrators have multiple programs with us," says John. "We funnel business to them and support them at conventions and through other outlets, such as ProgramBusiness.com."
The company wrote $500 million in Primary and Umbrella program business in 2008, and is planning to add new specialty programs each year as part of its growth plans. Currently, the company is developing programs for transportation, construction, affinity and association business, healthcare, and binding authority business. "We are continuously looking to identify new programs as part of our strategic initiatives," says Tom.
Another important distinction at Munich Re America is its underwriting knowledge. "The average tenure of underwriting expertise at the company is 25 years. Some of our underwriters have even run an MGA before joining us," says John, bringing an understanding and insight to what is needed in alternative market business and specialty insurance. Highly skilled professionals at Munich Re America make sure MGAs and program administrators receive the support and services that best meet their needs.
Munich Re America's deep understanding of insurance and reinsurance, coupled with its unmatched experience in the alternative market, assures that clients receive superior service from best-in-class professionals. To find out more about Munich Re America's programs, just go to the company's Storefront on ProgramBusiness.com.