ATLANTA--(BUSINESS WIRE)--Munich Re, U.S. (Life) is delighted to announce the appointment of Ed Sunoo as senior vice president, Financial Reinsurance. In this role, Sunoo will build and lead a team of experts in developing customized reinsurance solutions relating to capital relief, reserve financing and other regulatory and accounting efficiencies for Munich Re’s valued clients in the U.S. life and disability insurance industry.
Sunoo joins Munich Re from a leading global investment bank where he covered life insurance clients and worked on several innovative transactions involving capital markets and reinsurance. He has over 25 years of banking experience covering insurers for derivatives, fixed income, capital markets, structured finance and strategic advisory work. Sunoo holds his Master of Business Administration from the University of Chicago and his Bachelor of Science in Chemical Engineering from the University of California, Berkeley.
“I am thrilled to have Ed at the helm of our FinRe business,” stated Michael DeKoning, FSA, MAAA, FCIA, president and CEO, Munich Re, U.S. (Life). “His stellar experience will enable Munich Re to create customized solutions for our customers, allowing them to realize their business objectives through balance sheet efficiencies.”
Munich American Reassurance Company—Munich Re, U.S. (Life), founded in 1959, is one of the largest reinsurers in the U.S. offering life and disability reinsurance to insurance companies throughout the United States. The company also writes group, credit and other reinsurance products. Headquartered in Atlanta, with an office in Chicago, the company is licensed, accredited or authorized in all fifty states; Washington, D.C.; Guam; and Puerto Rico.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2015, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.1bn on premium income of over €50bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2015, ERGO posted premium income of €17.9bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments (excluding insurance-related investments) amounting to €215bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
Disclaimer
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.