-- Munich Re Specialty has launched an admitted inland marine insurance product to complement its existing excess and surplus lines inland marine coverage, expanding the company’s capability to serve the diverse needs of its insureds and broker partners.
Munich Re Specialty’s new admitted inland marine product provides a solution for US domestic exposures in the construction (including general contractors and developers) and transportation industries.
Features and benefits of the new admitted inland marine insurance offering include:
- Regional specialist underwriters
- Experienced in-house claims handling
- $50 million capacity
- Coverage for builder's risk, contractors' equipment, and motor truck cargo
- Various property floaters
“Our team of inland marine underwriters and claims adjusters has decades of specialized experience in providing responsive solutions for complex risks in construction, trucking, and mobile property,” said Jaymee Parker, Head of Inland Marine at Munich Re Specialty - Global Markets, North America. “This new product enables us to bring inland marine offerings to the table on both specialty and admitted paper, giving our clients more options and greater flexibility.”
Munich Re Specialty is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services. The Inland Marine coverage that is the subject of this announcement is offered, and any related services are provided, through Munich Re Specialty Group Insurance Services, Inc. as managing general agent with underwriting authority provided by affiliated insurance company American Alternative Insurance Corporation.
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The Group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re leverages its strengths to promote its clients’ business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence. In the 2024 financial year, Munich Re generated insurance revenue of €60.8bn and a net result of €5.7bn. The Munich Re Group employed about 44,000 people worldwide as of 31 December 2024.
Disclaimer
This media 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 make them conform to future events or developments.
Media Contact:
Faith Thoms
Media Relations Asia-Pacific, Middle East & Africa
- Phone +65 631 80762
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Thandiwe Radebe
Media Relations Africa
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Release ID: 89173092
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