German insurer Ergo, a division of global reinsurer Munich Re, has revealed plans to launch a new industrial insurance unit as part of its restructuring and has also announced changes to management.
Mathias Scheuber will become head of the group’s subsidiary Ergo Versicherung AG, replacing Markus Hoffmann who will remain in charge of Ergo broker sales, and who will take on management tasks at the new industrial insurance unit, Ergo International Corporate Solutions.
Scheuber is set to join from global re/insurer Allianz, bringing extensive experience in digitalising claims processes.
Ergo Chief Executive Officer (CEO), Markus Riess, has introduced an extensive restructuring programme to the firm since the start of his tenure two years ago.
Riess said the underperforming unit is now on track to report an annual profit of over €600 million by 2021, according to Reuters.
