Stefan Hets career model – From primary to reinsurance

Born in Hamburg, Germany, in 1963. With Munich Re’s Germany department since 2004.

A typical primary insurance career path

After completing my insurance apprenticeship in Hamburg and graduating in business administration in Munich, with a focus on insurance and banking and a doctorate on captive insurance companies, I started my career with a leading German primary insurer, where I gathered over eleven years’ experience in industrial property insurance. I held various positions, including that of industrial consultant in sales for German property business. Prospecting and advising industrial clients and brokers, on-site inspections, assessing fire protection and making corresponding recommendations were just some of my responsibilities.

As a property underwriter dealing with the international insurance programmes of large German industrial concerns, I was subsequently responsible for acquiring and managing international and programme reinsurance business. This was followed by several years as a specialist in rating, underwriting guidelines, fire protection and portfolio management in the field of industrial property business. Arranging facultative reinsurance for individual industrial risks was also one of my tasks.

With the very broad and in-depth knowledge of property insurance I had acquired over the years, a career move into reinsurance seemed a logical step in my professional development. I seized the opportunity when Munich Re, the leading reinsurers worldwide with an international network and an excellent reputation thanks to its outstanding expertise, was seeking a senior underwriter for German property business and, primarily, industrial property insurance.

Varied and interesting tasks for senior underwriters at Munich Re

I thoroughly enjoy my role as a senior underwriter because it allows me to combine my specialist knowledge with functional management. Essentially, it is about providing professional guidance to a team of underwriting specialists to meet the facultative reinsurance needs of German insurers in property and engineering (e.g. deploying and developing underwriters, ensuring compliance with the underwriting guidelines and authorities, coordinating liaison issues). In addition, I help the head of section carry out performance appraisals for underwriters on my team as well as with recruitment matters.

The business transactions vary significantly, depending on the main business emphasis and size of the primary insurers, which makes for an exciting business environment. The spectrum ranges from facultative reinsurance enquiries for municipal property risks (e.g. museums, hospitals, theatres, town halls) to granting reinsurance cover for the international property insurance programmes of multinational industrial concerns. Another aspect is the reinsurance of major construction project risks written by German insurance companies in Germany or abroad.

As a senior underwriter, I am responsible for prospecting new business and developing client relationships, so travel and evening events are a regular part of my work. I also represent Munich Re at industry association meetings and conferences.

Another important task is to provide treaty underwriting assistance by sharing knowledge and performing market and cedant analyses.

My interfacing role with other regional/country units within Munich Re is another aspect of major significance and I am also a member of a cross-divisional network coordinating large property risks. Since one and the same major German industrial risk seems to generate a flood of enquiries to the different country units, a consistent approach is needed to assess and manage them.

Munich Re gave me full support during my initial training and has encouraged me to attend further courses in my current job. The company offers comprehensive seminar programmes for the different roles, fostering both function-based knowledge and personal skills.