Years of expansion

The 1990s were marked by many decisions that were to safeguard the company’s long-term position in the national and international markets and strengthen its balance sheet. These include the acquisition of American Re in 1996, renamed Munich Re America in 2006, the founding of the ERGO Insurance Group, which with its subsidiaries DKV, D.A.S. and Hamburg-Mannheimer is Germany’s second largest primary insurer, and the creation in 1998 of MEAG MUNICH ERGO AssetManagement GmbH (MEAG). Gross premium income rose from DM 13bn in 1990 to over DM 21bn in 1999.

1990 – Development of healthcare services

Munich Re enters into cooperation with MedNet, an international group of companies involved in managed-care services. In 1997, Munich Re acquires MedNet and it becomes an integral part of the overall healthcare strategy.

1990 – Founding of Mercure Assistance

Munich Re takes an initial participation of 10%. Mercur Assistance Deutschland GmbH has since merged with ArztPartner almeda AG and operates as almeda GmbH within the Munich Re Group.

1992 – Founding of Munich Re Italia S.p.A.

Munich Re Italia S.p.A. commences operations. Munich Re now has over 70 offices in 32 countries.

1992 – Launch of environmental liability insurance

For the introduction of environmental liability insurance, Munich Re’s environment experts develop the NATURE rating program, which is purchased by a range of German insurance companies.

1993 – Dr. Jürgen Schinzler appointed Chairman

Hans-Jürgen Schinzler, hitherto Horst K. Jannott’s deputy, becomes the new Chairman of the Board on 1 March 1993. He moves to the Supervisory Board in January 2004.

1994 – Munich Re in Malaysia

The Kuala Lumpur office is opened.

1994 – Introduction of registered shares

In March, registered shares in Munich Re are listed for continuous trading on the Frankfurt Stock Exchange.

1995 – Development of D&O insurance

Munich Reinsurance Company United Kingdom presents Directors’ & Officers’ (D&O) insurance for the first time. It covers the liability of board directors and members of supervisory boards.

1996 – Acquisition of American Re

On 14 August, Munich Re reaches agreement with the Board of Directors of American Re and its majority shareholder, the investment company Kohlberg Kravis Robert & Co., on Munich Re’s acquisition of American Re for a total price of approximately US$ 3.3bn. This represents a major step in the key US market.

1996 – Acquisition of DKV

Munich Re (Group) acquires DKV Deutsche Krankenversicherung AG of Cologne, thereby considerably strengthening its position in personal lines business, the cornerstone of primary insurance.

1997 – Creation of the ERGO Insurance Group

On 3 July, the insurance groups VICTORIA/D.A.S. and Hamburg-Mannheimer/DKV announce that they will merge under the name of ERGO Versicherungsgruppe AG.

1997 – Presence in China reinforced

On 3 July, Hong Kong is integrated into the People's Republic of China. Munich Re strengthens the staff and structure of the branch. Representative offices in Beijing and Shanghai complement the Group’s presence in the Chinese market.

1998 – Creation of MEAG

On 21 April, Munich Re announces its plans to establish an asset management company in conjunction with ERGO. The objective is to strengthen the return on investments and to bolster the Group’s financial strength. Domiciled in Munich, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH commences operations in December 1999.

1999 – New offices in Chile and Poland

A new business unit is set up in Chile to coordinate Munich Re’s life reinsurance business in South America. A branch is opened in Warsaw, recognising the considerable growth potential in the Polish insurance market.

1999 – The year of natural catastrophes

1999 enters Munich Re’s annals as the year of natural catastrophes. The two storms that sweep across France in December alone cost Munich Re some half a billion euros. In addition, Munich Re has to cope with the cost of the hailstorm in Sydney, Typhoon Bart in Japan and severe earthquakes in Turkey, Greece, and Taiwan. Natural-hazard losses cost the company €1.1bn in 1999, or €700m more than the year before.

1999 – Munich Re Italia becomes Italy’s largest reinsurer

Following the merger with Torino Ri, Munich Re Italia is Italy’s largest reinsurer.