American Re to Change Name to ``Munich Re America''.PRINCETON, N.J. -- American Re-Insurance Company announced that in September 2006 it will change its name to "Munich Reinsurance America Munich Reinsurance America (also called Munich Re America), formerly known as American Re Corporation before September 2006,[1] is one of the top providers of property & casualty reinsurance in the US (along with General Re). It is a subsidiary of Munich Re. , Inc." "The name change is a logical step in the far-reaching integration of American Re into the Munich Re Munich Re AG, in German Münchener Rück AG (ISIN: DE0008430026), is the world's second largest reinsurance company with over 5,000 customers in 160 countries and has its headquarters in Munich, Germany. Group. Munich Re is underlining its clear commitment to the U.S. market and its subsidiary American Re - and in the future to 'Munich Re America,'" said Nikolaus von Bomhard, Chairman of Munich Re. "This measure is a powerful statement of support by Munich Re in its U.S. operations," said John Phelan, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of American Re and Member of Munich Re's Board. "Munich Re's U.S. operations will benefit greatly from Munich Re's global branding. Munich Re is the preeminent global reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. brand with exceptional strength, capacity, and technical expertise," said Phelan. As Munich Re's largest reinsurance subsidiary, Munich Reinsurance America, Inc. will continue to operate as a separate corporate entity in the U.S. market. The name of the holding company of American Re-Insurance Company, American Re Corporation, will change to "Munich Re America Corporation." American Re Corporation, a member of the Munich Re Group, is one of the leading providers of non-life reinsurance in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Through its subsidiaries, it writes treaty and facultative facultative /fac·ul·ta·tive/ (fak´ul-ta?tiv) not obligatory; pertaining to the ability to adjust to particular circumstances or to assume a particular role. fac·ul·ta·tive adj. 1. reinsurance, insurance, and provides related services to insurance companies, other large businesses, government agencies, pools and other self-insurers. The Munich Re Group, whose business also includes primary insurance and asset management, has a preeminent position in the global reinsurance industry. It is headed by Munich Reinsurance Company of Munich, Germany, and includes reinsurance subsidiaries, branches, service companies and liaison offices in more than 60 locations worldwide, serving corporate clients from around 160 countries. |
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