Munich Re Specialty has received regulatory approval to offer commercial insurance solutions in the German primary specialty market, marking the next stage of its European footprint strategy.

Its German offering will initially include construction and engineering, property and renewable energy insurance.

Both the German and Spanish businesses will also introduce surety, led by Julia Kromer, chief underwriting officer for surety.

José David Jiménez García has been appointed managing director to lead the German primary specialty business. With 30 years of insurance experience, he will focus on driving growth and building relationships with brokers and clients, reporting to Silvi Wompa Sinclair, CEO of Munich Re Specialty – Global Markets, Europe.

To enable its expansion, Munich Re Specialty has created a German MGA branch of Munich Re Risk Solutions Ireland Limited, which holds regulatory approval to passport into Germany. Business will be placed via Great Lakes Insurance SE, Munich Re’s fully owned and BaFin-regulated primary insurer.

The new structure complements Hansekuranz, Munich Re’s wholly owned MGA based in Münster, which specialises in crisis management and product recall. Munich Re Specialty plans to open a Frankfurt office to support local market growth and create new roles in Germany.

Silvi Wompa Sinclair said: “The extension of our presence and the development of new business lines is an important next step for the growth plans of Munich Re Specialty. Germany is the largest and deepest insurance market in continental Europe, and as the home of Munich Re, we are delighted to be extending our specialty offering into a market that instinctively understands our brand and its value.

“Increasing our underwriting ambitions, evidenced by the rollout of Surety, will advance and build on our continental primary specialty strategy. We are successfully scaling our efforts following our launch in the Spanish commercial market. Over the coming years, we will be working to further develop our offering and continue meeting emerging client needs.”

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