Education and Insurance

Munich Re cluster (Munich insurance Company, German: Münchener Rück; Münchener Rückversicherungs-Gesellschaft) is a reinsurance company primarily based in Munich, Germany. It is one among the world’s leading re insurers. ERGO, a Munich Re subsidiary, is the Group’s primary insurance arm. Munich Re's shares square measure listed on all German stock exchanges and on the Xetra electronic commercialism system. Munich Re is enclosed in the DAX index at the Frankfurt on the Main exchange, the Euro Stoxx fifty, and other indices.

In 1880, Carl von Thieme, a native of Erfurt, whose father was the director of Thuringia, founded Münchener Rückversicherungs-Gesellschaft along with Wilhelm von Finck (co-owner of the Merck Finck & Co bank) and Theodor von Cramer-Klett. This was followed by the founding of Allianz Versicherungs-Gesellschaft in 1890. Carl von Thieme was head of Munich Re till 1921, and Wilhelm von Finck served as Chairman of the supervisory board till 1924. Munich Re became illustrious when the San Francisco earthquake of 1906 because the solely insurance underwriter that remained solvent when paying out all the claims.

In 2015 the company's equity amounted to €31.0 billion. The group’s premium income for the year (gross premiums written) was €50.4 billion, with its consolidated result amounting to €3,122 million.

In February 2010, U.S. investor Warren Buffett became Munich Re's largest single stockholder of the company. As of December 2015 he reduced his holdings to less than three %.

Besides its reinsurance business, the Munich Re cluster conjointly transacts primary insurance business through the ERGO cluster, and, since 1999, asset management through MEAG (MUNICH ERGO AssetManagement GmbH).