Munich re launches special risks unit.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. said it has set up a special unit for special enterprise risks. Announcing the launch at the Rendez-Vous rendez-vous n → cita vi → reunirse, encontrarse; [spaceship] → efectuar una reunión espacial rendez-vous 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. meeting in Monte Monte (Italian, Portuguese and Spanish meaning mount) may refer to various things: Monte is the name of several places: In Brazil
tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. said the new unit would be in place by the fourth quarter of 2007. The company said the new unit would "begin developing products which are at the interface between conventional insurance and the enterprise risk." Munich Re said its target companies for the new unit would include those with a growing need for special covers to protect them against risks that result from factors like political change, unexpected market developments or loss of reputation. These would also include companies that have very long development processes. Each company would be assessed in terms of its own specific risk situation, with cover being tailored to individual needs, the firm said. Torsten Jeworrek, member of Munich Re's board of management, will serve as chairman of the reinsurance committee. |
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