Munich Re has announced that it intends to restructure and reallocate responsibilities on its Board of Management in order to improve business synergies and simplify structures and processes.
The company said that the reorganisation will mean larger divisions and the reallocation of units, but no changes to the composition of the Board or to the business models of affected units.
As part the restructure, Munich Re plans to disband its Special and Financial Risks (SFR) division, reallocating the division’s global units to Global Clients/North America (GC/NA) and its European units to Europe/Latin America (EU/LA).
Additionally, responsibility for reinsurance business in Germany will be reallocated from the Germany, Asia-Pacific, Africa (GAPA) division to EU/LA, since they share the same regulatory environment and have similar business models, according to Munich Re.
The announcement came alongside news that Munich Re’s Chief Financial Officer (CFO), Jörg Schneider, will be stepping down in December 2018, to be succeeded by Christoph Jurecka, who is currently CFO of Munich Re’s primary insurance subsidiary ERGO Group AG.
Munich Re told Reinsurance News that the new divisional structures and responsibilities, which are due to take effect on 1 August 2018, will not entail any further job cuts.
The GC/NA division will continue to be led by Peter Röder and will be reinforced by the units formerly allocated to the disbanded SFR division.
Meanwhile, Doris Höpke will assume responsibility for the expanded EU/LA division, whilst maintaining her current roles as Labour Relations Director and as head of Human Resources.
Munich Re further stated that Hermann Pohlchristoph will remain responsible for property-casualty reinsurance in Asia, Pacific and Africa.