Munich Reinsurance America (also called Munich Re America), formerly known as American Re-Insurance Corporation before September 2006,[1] is a major provider of property and casualty reinsurance in the United States. Munich Reinsurance America is a subsidiary of Munich Re. Founded in 1917, the company's headquarters are located in Princeton, New Jersey, with regional offices in San Francisco, Chicago, and New York. The company offers services that provide clients with protection from global disasters such as climate change.[2]
| Formerly | American Re-Insurance Corporation |
|---|---|
| Industry | reinsurance |
| Founded | 1917 |
| Headquarters | Princeton, New Jersey |
Area served | New Jersey San Francisco Chicago New York City |
| Subsidiaries | Munich Re |
History
editIn 1948, American Re-Insurance purchased the American Reserve Insurance Company.[3] The American Reserve had itself integrated the American Phenix Corporation of New York in 1932 after the liquidation of American Phenix.[4]
Acquisition
editIn 1996, Munich Re acquired American Re for roughly $3.8 billion. Additional funds were needed to expand reserves for casualty and asbestos policies.[5]
Divisions
edit- Reinsurance Division
- Munich Re Specialty Insurance (MRSI) - Successor of the Specialty Markets Division
- Corporate Insurance Partners
Affiliates
edit- Hartford Steam Boiler Inspection and Insurance Company (HSB)
- American Modern Insurance Group
These divisions provide insurance in multiple sectors.
References
edit- ^ "American Re to Become Munich Re America Starting in Sept". Insurance Journal. 2006-08-03. Retrieved 2014-04-03.
- ^ Sarah Veysey (2014-04-01). "Improved prevention measures kept 2013 flood losses in check: Munich Re". Business Insurance. Retrieved 2014-04-03.
- ^ United States Investor. F.P.Bennett. 2017-03-30.
- ^ "American Phenix to Liquidate". pqasb.pqarchiver.com. Retrieved 2017-03-30.
- ^ Oliver Suess (2012-10-17). "N. America Has Biggest Rise in Weather Disasters". Bloomberg Businessweek. Archived from the original on October 23, 2012. Retrieved 2014-04-03.