PRINCETON, N.J.--(BUSINESS WIRE)--Richard Olsen, currently Head of Central Reserving at Munich Re, will become Chief Financial Officer of Munich Re’s U.S. property and casualty reinsurance subsidiary, Munich Reinsurance America, Inc. He will also have regional responsibility for Financial Management, Information Technology and Enterprise Risk Management. Olsen will begin in his new role on January 1, 2015 and replaces Steven Levy, who was recently appointed President of Munich Reinsurance America’s Reinsurance Division.
Olsen will report to Munich Reinsurance America President and CEO Tony Kuczinski, who, with Munich Reinsurance America Chairman Peter Röder, expressed their confidence that Olsen will “deliver strong value to Munich Re America, the broader U.S. P&C organization, and its clients.”
As Head of Central Reserving at Munich Re, Olsen is responsible for property/casualty loss reserving across the Munich Re (Group). Before joining Munich Re in 2009, he spent 21 years with General Re Corporation, most recently as Senior Vice President & Actuary for Cologne Re. Rich has a B.S. in Mathematical Operations Research from Rensselaer Polytechnic Institute of Technology in New York, and over 25 years of industry experience, in both the U.S. and Germany.
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.