Global reinsurance giant Munich Re has announced that both Nikolaus von Bomhard and Karl-Heinz Streibich have been elected to the firm’s supervisory Board for the first time, as Bernd Pischetsrieder steps down after 17 years on the Supervisory Board, six of which he spent as Chairman.
Nikolaus von Bomhard takes over as Chair of the Supervisory Board, while Anne Horstmann is Deputy Chair.
Munich Re announced the elections and departure of Bernd Pischetsrieder at its Annual General Meeting (AGM), where it approved a dividend proposal of €9.25 per share.
Speaking at the AGM, Chairman of the Board of Management at Munich Re, Joachim Wenning, commented on the firm’s positive performance in 2018, and also on the departure of long-serving Supervisory Board member and previous Chair, Pischetsrieder.
“2018 was a good year for Munich Re. We increased our profit and achieved our result target. We intend to increase our consolidated result by €500m to €2.8bn by 2020. Along the way to achieving that goal, we expect to post a profit of around €2.5bn for 2019.
“You (Pischetsrieder) have been a critical but cheerful advisor – with a good sense of humour and a sympathetic ear. You have worked with the Company with circumspection and commitment for seventeen years. In all these years, you have shown consistent and tireless dedication – both in good times and in more challenging times,” said Wenning.
Addressing shareholders, Wenning also underlined the social value of the reinsurer’s business model, highlighting the significant social and economical role the company plays.
“After all, it is only because we make risks insurable that people are prepared and in a position to take on new challenges with an uncertain outcome. This benefits society and engenders progress. Without us, society as a whole would not enjoy as much prosperity. The very purpose of our undertaking becomes clear when disaster strikes: we alleviate human suffering,” he said.
Alongside the two newly elected Supervisory Board members, a number of members were also re-elected. This includes Ann-Kristin Achleitner, Kurt Wilhelm Bock, Clement B. Booth, Benita Ferrero-Waldner, Ursula Gather, Gerd Häusler, Renata Jungo Brüngger, and Maximilian Zimmerer.
