PRINCETON, N.J.--(BUSINESS WIRE)--Karsten Herrmann, Senior Vice President, Manager Political Risk and Trade Credit, Munich Reinsurance America Inc., was sworn in on November 18th as one of 20 inaugural members of the Trade Finance Advisory Council. This committee will advise the U.S. Secretary of Commerce on the development of strategies and programs that would help expand access to trade finance for U.S. exporters.
TFAC will focus on providing advice regarding challenges faced by U.S. exporters in accessing capital, innovative solutions that can address these challenges, and recommendations on strategies that can expand access to finance and educate U.S. exporters on available resources. Operating in foreign markets requires access to capital, and expanding financing options for U.S. companies will allow them to be more competitive, which ultimately increases trade and leads to a stronger U.S. economy.
“We are honored that Karsten was selected to serve on the TFAC. He brings an extensive background and expertise in evaluating and structuring trade credit and political risk [re]insurance transactions. His deep-rooted understanding of the risks facing exporters and their foreign buyers contributes to his ability to develop innovative solutions for these risks,” said Steve Levy, President of Munich Reinsurance America Inc.’s Reinsurance Division.
TFAC members represent financial organizations, exporters and research institutions. The diversity of stakeholders allows for balanced and comprehensive insights on challenges and opportunities for U.S. exporters in accessing finance. The TFAC reports to the Secretary of Commerce on its activities and recommendations.
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.
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.