A Munich American Reassurance Health Insurance Company Review leads to Munich RE. Munich RE is a reinsurance company. A reinsurance company is an insurance company that purchases insurance products from another insurance company to sell to high risk clients. Niche and specialty insurance products are the focus of this decade old insurance company.
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Munich RE works directly with affiliates such as:
- Hartford Steam Boiler Group
- American Modern Insurance Group
- Munich Health North America
- Munich Re Capital Markets
- Munich American Reassurance Company
Affiliates provide solutions and product options that would not otherwise be available through Munich RE.
Munich RE Specialty Lines of Reinsurance
There are three lines of specialty reinsurance provided by Munich RE. These lines are:
- Agricultural Reinsurance
- Management and Professional Liability
- Ocean Marine
Each of these types of industries come with inherent risks that many traditional insurance companies will not cover so reinsurance companies step in to cover the liability and risk.
Agricultural Reinsurance is very unique and specialized because the dangers and risks that may take place on a farm, do not take place anywhere else. This is why reinsurance companies who are used to dealing with localized and specialized risks often handle agricultural insurance. Munich RE agricultural reinsurance is one of the best in the business and protects agricultural products from seed to the table.
Management and Professional liability insurance offered by Munich RE is for individuals who are considered professional and because of this, face greater threat of liability. This type of coverage is for:
- Other executives within a company
It focuses on medical and non-medical omission and errors coverage necessary for those who are open to litigation.
Shipping accounts for over 90% of all the trade that is done in the world. The Ocean Marine reinsurance offered by Munich RE is solid and trustworthy. Ocean Marine coverage not only covers the employees of the marine based company, but also:
- Protection and indemnity
- Offshore energy liabilities
Munich RE Overarching Lines of Reinsurance
Munich RE has two specific types of overarching reinsurance. These lines of coverage provide protection that is not specific to an industry or specific type of commerce. They are available to any business owner that wants to add additional coverage to their portfolio in case of emergency or unforeseen events.
The first type of overarching coverage that Munich RE provides is Credit and Surety Reinsurance. This type of coverage is for those who have big financial responsibilities that need to be reinforced in a shaky economy. An increase in claims or withdrawal of several policies at once can cause the shutdown of a company unless Credit and Surety Reinsurance is in place. The bigger the assets, the bigger the risk involved.
The second type of overarching coverage is Political Risk coverage. For businesses that provide politically sensitive services or any services that could potentially be interpreted as such need Political Risk coverage. It protects the finances of a company, if they are discriminated against or defamed by a government, political group, or individual cases a negative impact on the bottom line of the company.
The political risks coverage by this type of policy includes:
- Expropriation and nationalization
- Currency inconvertibility
- Export/import restrictions
- Breach of contract
- Civil commotion
This coverage is a new type of coverage but very important for specific types of businesses.
Munich RE Careers
Munich RE is the biggest reinsurance company in the United States. With over 1,000 employees and almost a century of experience, the company continues to grow strong year after year. They consistently receive an A+ financial rating, which is a superior rating from A.M. Best independent rating company. These factors make Munich RE an appealing place to work.
For those who are experienced agents and insurance representatives, Munich RE accepts applications and conducts interviews on a regular basis for their bases in Princeton, New York, and five other regional offices. They also take on student interns who are studying for the insurance business and want practical experience before graduation. These students must pass a rigorous interview in order to be accepted into the program.
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