Kopff will be responsible for Europe and Latin America in the future.
(Photo: Alliance)
Munich At the turn of the year, the Munich Re Board of Management underwent the biggest restructuring in many years. The board of the world’s largest reinsurer is becoming younger, more female and more international, and is growing to ten people.
For the management team, this is tantamount to a generational change, especially since Torsten Jeworrek, a veteran, is retiring from the Dax group after more than 32 years. The expectations of the three newcomers to the future Executive Board are high, as they should make a noticeable contribution to the recently raised corporate targets.
Mari-Lizette Malherbe and Michael Kerner joined the Munich Re board on Monday. At the beginning of December, Clarisse Kopff took over the position responsible for the regions Europe and Latin America and thus part of the tasks that Doris Höpke, who left in the spring, left behind.
The 49-year-old Frenchwoman Kopff previously managed the credit insurer Allianz Trade in Paris, formerly known as Euler Hermes. She worked for Allianz for more than 20 years. The change of group came as a surprise to many when it was announced in the fall.
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In her new area of responsibility, Kopff has to manage the balancing act between the traditionally strong business in Europe and the hopes that many in the company are pinning on the Latin American market. A study by the insurance broker Willis Re predicts very strong growth for the market in emerging countries in the coming years.
Munich Re has been serving the huge market for decades with branches in Brazil, Colombia and Mexico. Some competitors, on the other hand, still control it centrally from Miami.
Kopff’s predecessor Doris Höpke had already specified the greatest possible customer proximity. However, this requires a critical mass of business in the respective sub-market in order to be able to operate profitably there. However, the continuing political uncertainty and the high level of investment backlog are counteracting this.
Latin America remains a beacon of hope
Against the background of the group’s recently raised profit forecast, Clarisse Kopff must therefore manage to turn Latin America’s beacon of hope into a strong long-term growth region. CEO Joachim Wenning had raised the profit forecast for the coming year from 3.3 billion euros to a record level of four billion.
In addition, the return on equity should be 14 to 16 percent annually by 2025 – after 12 to 14 percent previously. Every market should make an appropriate contribution to this.
The goals of the world’s largest reinsurer are thus becoming more ambitious. That should also increase the expectations of the other two newcomers.
Mari-Lizette Malherbe takes over the Life and Health portfolio. The 38-year-old South African has been working for Munich Re from London since 2007 and has had a meteoric career ever since.
A lot of familiarization will not be necessary in the new task, it is said from the house. Previously, she was responsible for the Life and Health segment in Europe and Latin America. In the future, it will be important to align the area with the new requirements that the industry has become aware of as a result of the corona pandemic in recent years.
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In the meantime, the burdens have fallen sharply at Munich Re. In the future, however, it will also be important to be able to better foresee future disasters and to be prepared for them.
Focus on US business
That leaves Michael Kerner, with whom the board has now been expanded by one person. He has been working for Munich Re since 2018. The 57-year-old American is to expand business with special primary insurance, especially in the USA.
>> Read also: Munich Re expands the Board of Management – Michael Kerner takes on a new department
From there, Kerner is responsible for the special units American Modern, HSB and Great Lakes Insurance, but also for the aviation business and units that offer special services for primary insurers from London. This area was previously part of Stefan Golling’s reinsurance business.
Since the group expects strong growth in the USA in general in the coming years, the decision was made to split the area into primary insurance and reinsurance business. Golling keeps the reinsurance, Kerner takes over the primary insurance.
With its primary insurance strategy in the USA, the Munich-based company differs significantly from its Hanover-based competitor, Talanx. In the past, he had viewed the local market increasingly critically and withdrew more and more.
More: What the accounting change at Munich Re means for investors.