Munich Re to Further Align Specialty Primary Insurance Platform

July 26, 2010

Munich Re plans to further align its U.S.-based specialty primary insurance operations to create a more robust specialty insurance platform under the leadership of Doug Elliot, president and chief executive officer of Hartford Steam Boiler (HSB). The management teams of Hartford Steam Boiler, which was purchased by Munich Re in 2009, and the Specialty Insurance Division, which includes American Modern Insurance Group and Munich Reinsurance America’s Specialty Markets unit, will report to Doug Elliot under this new structure.

“This alignment will further promote resource sharing to better serve our business partners, and will allow us to more efficiently deliver new specialty products,” said Tony Kuczinski, president and CEO of Munich Reinsurance America, Inc., who heads Munich Re’s US property & casualty operations. “Although they will be more closely aligned, however, HSB and the Specialty Insurance Division will continue to be standalone business operations,” Kuczinski added.

“This new structure will facilitate the continued expansion of our specialty insurance business, thereby supporting one of the three pillars of Munich Re’s US strategy – of building a dominant presence in niche primary insurance segments,” said Peter Röder, member of Munich Re’s Board of Management responsible for business in North America.

Doug Elliot has served as president and CEO of Hartford Steam Boiler Group, Inc. since July, 2007. He joined HSB in January 2007 as president and chief operating officer for The Hartford Steam Boiler Inspection and Insurance Co. During 2006 he was senior advisor for Aspen Insurance Holdings, a global reinsurer and specialty line insurer. From 1987 to 2005, Doug held a variety of senior manager jobs at The Travelers, including chief operating officer.

John Hayden, who has been serving as president of the Specialty Insurance Division since 2008, has announced his plans to retire from the company,

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