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Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München Königinstr. 107 80802 München, Deutschland http://www.munichre.com/
Ansprechpartner:in Dr. Christian Lawrence +49 89 38915400
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Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

Munich Re buys Bell & Clements Group

(lifePR) (München, )
Munich Reinsurance Company has acquired the Bell & Clements Group. Both parties have agreed not to disclose the purchase price for this transaction.

Bell & Clements operates primarily as an underwriting manager in the US and the UK and is highly respected in this regard. Established in 1983, it has been writing and managing a growing and profitable book of primary insurance business via an exclusive network of selected agents in both these countries for many years. Bell & Clements handles approximately US$ 300m of business, which it has successfully written and managed on behalf of Munich Re Group companies and other insurers for many years. The lines of business written on behalf of the Munich Re Group are primarily property fire and selective short-tail small commercial packaged business.

Writing insurance business through selected underwriting managers like Bell & Clements via in-house fronting carriers is one of numerous growth opportunities at Munich Re’s disposal as a result of its diversified structure. Georg Daschner, member of Munich Re’s Board of Management says: “The acquisition of Bell & Clements is a first response to Munich Re’s recently announced strategy to achieve bottom-line growth. We are leveraging our combined insurance and reinsurance capabilities in order to exploit broader business possibilities. This is where we achieve substantial synergies.”

Munich Re and Bell & Clements have enjoyed a very profitable business relationship for a number of years. An important milestone in this relationship was the joint establishment of Three Lions Underwriting Limited, a Birmingham- and London-based underwriting manager which writes regional UK business on behalf of Munich Re Group companies. The acquisition of Bell & Clements is the next step in this successful strategic relationship and allows the Munich Re Group to:

• fulfil its objective to access a select and well-controlled primary insurance portfolio with strategic, long-term partners;
• combine its financial strength and underwriting capabilities with Bell & Clements’ respected brand, management and technical insurance expertise to create a unique selling proposition for current and future customers;
• secure a book of business with a profitable track record while at the same time providing the operational platform to consolidate and expand this business for Munich Re.

Bell & Clements will continue to operate its business as in the past. This means that, in addition to writing business on behalf of Munich Re Group companies, Bell & Clements will continue to provide a comprehensive service to its clients.

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

The Munich Re Group operates worldwide, turning risk into value. In the financial year 2007, it achieved a profit of €3,937m, the highest since the company was founded in 1880, on premium income of approximately €37bn. The Group operates in all lines of business, with around 43,000 employees at over 50 locations throughout the world and is characterised by particularly pronounced diversification, client focus and earnings stability. With premium income of around €21.5bn from reinsurance alone, it is one of the world's leading reinsurers. Its primary insurance operations are mainly concentrated in the ERGO Insurance Group. With premium income of over €17bn, ERGO is one of the largest insurance groups in Europe and Germany. It is the market leader in Europe in health and legal expenses insurance, and 34 million clients in 26 countries place their trust in the services and security it provides. The global investments of the Munich Re Group amounting to €176bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.

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Für die oben stehenden Stories, das angezeigte Event bzw. das Stellenangebot sowie für das angezeigte Bild- und Tonmaterial ist allein der jeweils angegebene Herausgeber (siehe Firmeninfo bei Klick auf Bild/Titel oder Firmeninfo rechte Spalte) verantwortlich. Dieser ist in der Regel auch Urheber der Texte sowie der angehängten Bild-, Ton- und Informationsmaterialien. Die Nutzung von hier veröffentlichten Informationen zur Eigeninformation und redaktionellen Weiterverarbeitung ist in der Regel kostenfrei. Bitte klären Sie vor einer Weiterverwendung urheberrechtliche Fragen mit dem angegebenen Herausgeber. Bei Veröffentlichung senden Sie bitte ein Belegexemplar an service@lifepr.de.