Press release

• Changes on the Boards of Management of Munich Re, Munich Re America and ERGO International AG
  
  
• John P. Phelan will retire as planned after nearly six successful years as a Board member of Munich Re and as Chairman and CEO of its subsidiary Munich Re America
  
  
• Dr. Peter Roeder has been appointed member of Munich Re’s Board of Management with responsibility for the North American non-life market as well as for the business relationships with large, multinational clients
  
  
• Anthony J. Kuczinski will succeed John P. Phelan as Chief Executive Officer of Munich Re America
  
  
• Andreas Kleiner will succeed Dr. Peter Roeder as a Board member of ERGO International AG
   

John Phelan (60), will retire on 31 December 2007 in accordance with his long-held intentions. Mr. Phelan joined Munich Re in 1973. He was CEO of the Group’s Canadian non-life reinsurance business for 16 years until March 2002. At the beginning of that month, he became Chairman and CEO of Munich Re America (then American Re) and was appointed to Munich Re’s Board of Management in April of the same year. Mr. Phelan has been instrumental in turning Munich Re America around, consolidating its position in the US market, integrating the company into the Munich Re Group and positioning it for profitable growth in accordance with the Group’s "Changing Gear" initiative.

The following appointments were made at today’s regular meeting of Munich Re’s Supervisory Board:

Dr. Peter Roeder (47), long-term Head of Munich Re’s Strategy Department and since January 2007 member of the board of ERGO International AG, will become a member of the Munich Re Board of Management on October 1 2007. He will be responsible for the non-life reinsurance business in the United States and Canada. Mr. Roeder will share this responsibility with Mr. Phelan until 31 December 2007. In addition, Mr. Roeder will be responsible for Munich Re’s non-life reinsurance business with large, multinational clients. He will share this responsibility with Dr. Torsten Jeworrek until 31 December 2007.

Anthony Kuczinski (48) will succeed John Phelan as Chief Executive Officer of Munich Re America on 1 January 2008. Mr. Kuczinski is currently President of the Specialty Markets Division. He began his career with the company in 1989, holding a number of senior positions of responsibility. Under his guidance Specialty Markets has continually increased its contributions to the value of the Group.

Andreas Kleiner (44), Head of Munich Re of Africa (Johannesburg), will be appointed member of ERGO International’s management board, succeeding Dr. Peter Roeder.

Dr. Nikolaus von Bomhard, Chief Executive Officer of Munich Re, comments on the changes on the Board, at Munich Re America and at ERGO International AG: "As everyone already knows, the acquisition of the former American Re, now Munich Re America, has not been without its challenges. However, under John Phelan’s leadership the company has developed a profit-oriented culture and has been substantially integrated into the Munich Re Group. The company is now well positioned to fulfil our ambitious earnings expectations in the years ahead. Under the leadership of Peter Roeder, an internationally experienced expert in reinsurance and primary insurance, we will continue to provided strong leadership from Munich to further develop Munich Re’s North American business, and hence build on the solid foundation that we now have, by pursuing the many opportunities available to us, particularly in the world’s largest insurance and reinsurance market.

Anthony Kuczinski is an experienced executive, who is well known and respected in the US-reinsurance market. His appointment as John Phelan’s successor signals the continuation of our profit-oriented focus at Munich Re America and our commitment to the US market.

With Andreas Kleiner we have chosen an internationally experienced executive to pursue ERGO’s expansion in profitable growth markets and also to foster the closer integration of our primary and reinsurance businesses in accordance with our philosophy of an integrated risk market."

Münchener Rückversicherungs-Gesellschaft
signed Dr. von Bomhard           signed Dr. Lawrence