PRINCETON, N.J.--(BUSINESS WIRE)--Steven Levy has been named President of the Reinsurance Division of Munich Reinsurance America Inc., effective October 1, 2014. Levy has served as Munich Re America’s Chief Financial Officer since 2003, and also has responsibility for Enterprise Risk Management, Information Technology and Procurement.
Levy replaces Pina Albo, who will join Munich Re’s Board of Management in October. A new CFO had not yet been named.
The Reinsurance Division is the marketing and underwriting division of Munich Re America that provides risk transfer solutions for U.S. property and casualty insurance companies.
Levy will continue to report to Munich Re America President and CEO Tony Kuczinski, who said, “I am confident Steve’s financial background, proven leadership skills and strategic focus make him the right person to lead the division through current reinsurance market challenges, and to position the division for future success.”
Peter Röder, member of the Munich Re Board of Management responsible for North America, noted “The U.S. reinsurance market, one of the largest and most important for the Munich Re Group, is going through a period of transition. It therefore gives me great confidence to have someone of Steve’s caliber in this role.”
Prior to becoming CFO of Munich Re America in 2003, Levy was President of the company’s Credit & Surety division. He joined the company in October 1997 as Vice President in the Financial Products division, after having worked in several sectors of the financial services industry. Levy holds an A.B. in Mathematics from Dartmouth College and an M.B.A. from The Wharton School, University of Pennsylvania, as well as a Chartered Financial Analyst designation.
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 2013, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.3bn on premium income of over €51bn. It operates in all lines of insurance, with almost 45,000 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 major 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 2013, ERGO posted premium income of €18bn. 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 amounting to €209bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
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.