Munich Re appoints Von Bomhard as new chairman of supervisory board

Reinsurer Munich Re has elected former CEO Nikolaus von Bomhard as the new chairman, and Anne Horstmann as deputy chairman of the supervisory board.

Von Bomhard succeeds Bernd Pischetsrieder, who is stepping down after 17 years on the supervisory board, including more than six years as the chairman.

Von Bomhard has been a member of the board of management of Munich Re from Ja‍nuary 2000 to Ap‍ril 2017, and took over as its chairman in Ja‍nuary 2004. He joined the reinsurer in 1985.

Von Bomhard and Karl-Heinz Streibich have been elected to the supervisory board for the first time.

Additionally, a number of members have been re-elected to the supervisory board, including Ann-Kristin Achleitner, Kurt Wilhelm Bock, Clement Booth, Benita Ferrero-Waldner, Ursula Gather, Gerd Häusler, Renata Jungo Brüngger und Maximilian Zimmerer.

Addressing shareholders at its annual general meeting (AGM) on April 30, Joachim Wenning, chairman of the board of management, discussed the firm's positive performance in 2018.

“2018 was a good year not only in terms of our result – it was also a year of transition. We made good progress with all three strategic priorities: increasing profits, digital transformation, and reducing complexity,” said Wenning. "We intend to increase our consolidated result by €500m to €2.8bn by 2020. Along the way to achieving that goal, we expect to post a profit of around €2.5bn for 2019.”

“After all, it is only because we make risks insurable that people are prepared and in a position to take on new challenges with an uncertain outcome. This benefits society and engenders progress. Without us, society as a whole would not enjoy as much prosperity. The very purpose of our undertaking becomes clear when disaster strikes: we alleviate human suffering.

“Last year, we systematically reduced costs in reinsurance and the Group as a whole. The Group is now much more focused and efficient. We now do more business at lower cost.”

Wenning added: “The number of digital undertakings we have become involved in underlines our ambition. We are using digital transformation to enhance our competitive strength, expand our leading position in the markets, and secure new revenue streams.”

Commenting of Pischetsrieder's departure, Wenning said: “You [Pischetsrieder] have been a critical but cheerful advisor – with a good sense of humour and a sympathetic ear. You have worked with the Company with circumspection and commitment for seventeen years. In all these years, you have shown consistent and tireless dedication – both in good times and in more challenging times.”

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