GETTING FIT FOR SOLVENCY II WITH

ALPHA
10 June 2011

Michael Gerstle, Rainer Stragies

 Agenda

Getting fit for Solvency II

ALPHA – creating value through ALM

Case study
GETTING FIT FOR SOLVENCY II
Change to economic balance sheets produces greater
fluctuations in capital

Background – Challenge for insurers

Impact
Impact of
of interest-rate
interest-rate fluctuations
fluctuations with
with economic
economic Notes
Notes
balance sheet 1
1
balance sheet For


For value-based
value-based management,
management, insurers
insurers have
have to
to
Investment volatility Technical reserve volatility
change
change from
from "local"
"local" GAAP
GAAP to
to economic
economic valuations
valuations
4 - 8%

Loss
Loss reserves
reserves are
are structured
structured by
by maturity
maturity and
and
€ € 2 - 4%
discounted
discounted for
for the
the economic
economic balance
balance sheet
sheet


Increasingly
Increasingly volatile
volatile investments
investments and
and technical
technical
provisions result in higher capital volatility
provisions result in higher capital volatility

Time Time

To
To minimise
minimise asset-liability
asset-liability risks
risks they
they are
are matched
matched
with
with investments, thus making efficient use of
investments, thus making efficient use of capital
capital


In
In addition,
addition, at
at the
the latest
latest when
when Solvency
Solvency IIII is
is
Capital volatility introduced,
introduced, processes
processes are are to
to be
be implemented
implemented that
that
€ stand
stand up
up to
to supervisory
supervisory review
review and
and meet
meet extensive
extensive
disclosure
disclosure requirements
requirements
6 - 20%
This process can be accurately
reproduced using ALPHA – you could
Time benefit from MR's expertise
1
Example based on annual interest-rate fluctuations of 75–150 basis points. Assuming underwriting duration shorter
than investment duration, often seen in the case of non-life insurers. 4
Market risk – Example 1

Solvency Capital Requirement in mEUR Market risk component in mEUR

SCR
SCR Market
Market

150
150 70
70

Diversified
Diversified market
market risk
risk Risk
Risk for
for undertakings
undertakings excluded
excluded
Adjustments
Adjustments Basic
Basic SCR
SCR Operational
Operational components from
components from group
group supervision
supervision
-5
-5 145
145 10
10 70
70 00

Div
Div
-55
-55
Div
Div
-55
-55 Interest
Interest rate
rate Equity
Equity Property
Property Spread
Spread
45
45 25
25 15
15 15
15
Non-
Non-
Market
Market Health
Health Default
Default Life
Life Intang.
Intang. Currency Concentration Illiquidity
Life
Life Currency Concentration Illiquidity
70
70 20
20 10
10 00 100
100 00 55 15
15 55

5
Market risk – Example 2

Solvency Capital Requirement in mEUR Market risk component in mEUR

SCR
SCR Market
Market

150
150 70
70

Diversified
Diversified market
market risk
risk Risk
Risk for
for undertakings
undertakings excluded
excluded
Adjustments
Adjustments Basic
Basic SCR
SCR Operational
Operational components from
components from group
group supervision
supervision
-5
-5 145
145 10
10 70
70 00

Div
Div
-32
-32
Div
Div
-55
-55 Interest
Interest rate
rate Equity
Equity Property
Property Spread
Spread
10
10 30
30 27
27 10
10
Non-
Non-
Market
Market Health
Health Default
Default Life
Life Intang.
Intang. Currency Concentration Illiquidity
Life
Life Currency Concentration Illiquidity
70
70 20
20 10
10 00 100
100 00 55 15
15 55

6
ALPHA – CREATING VALUE THROUGH ALM
 Solvency II rewards appropriate ALM –
Munich Re offers the whole ALM-value-chain
LPHA service in a nutshell
liability data,
client
analysis and support optional
optional: asset data
premium trad. losses
RI

Risk Neutral Benchmark

Loss Cash Economic Asset
Position Portfolio
data Flow valuation management
(RNP) (BMP)

MR
MR internal
internal process
process chain
chain
ALPHA – our service ALPHA – success factors
MR offers its know-how to its clients – from loss analysis to asset management:
Compatible systems

Data analysis and projection of future loss development
An uninterrupted process chain

Determination of the run-off/payout pattern
Defined interfaces for implementation of

Market-consistent valuation of reserves management requirements

Determining investment position with minimum risk
New methodologies for economic
valuation and risk modeling

Determining the investment position with the best risk-return profile

Comprehensive reporting

Optional: Holistic asset management specifically for insurance companies

Using
Using ALPHA
ALPHA enables
enables to
to profit
profit directly
directly from
from Munich
Munich ReRe techniques
techniques and
and experience
experience


We offer ALPHA either as a full outsourcing of the process chain or in modules
We offer ALPHA either as a full outsourcing of the process chain or in modules
8
Identifing the optimal asset allocation taking into
account the liability profile

Efficient frontier of Benchmark Portfolios

Excess-Return

More
Return
Efficient frontier
Less Risk Current allocation

Risk Neutral Position

99.5% VaR (based on asset volume)

Alpha
Alpha helps
helps to
to increase
increase the
the efficiency
efficiency ofof the
the client’s
client’s investment
investment portfolio.
portfolio.
Clients
Clients profit
profit from
from aa decrease
decrease inin risk
risk with
with the
the same
same expected
expected return
return or
or from
from aa increase
increase in
in return
return by
by
keeping
keeping thethe risk
risk level
level at
at the
the current
current portfolio.
portfolio.
9
ALPHA FOR SUCCESS INSURANCE COMPANY

Case Study
Success Insurance Company
Company Profile

Assets Liabilities
Total Equipment Total equity
Equipment 2.000 Share capital equivalent funds 26.000
Total other financial investment assets, Deposits with ced. Total provisions for insurance and investment contracts
Equities 1.500 Provisions for unearned premiums 55.000
Bonds 55.600 Claims provision 45.000
Real Estate 1.100 Total debt
Total reinsurance share of provisions for insurance contracts Amounts payable (direct insurance) 5.000
Reinsurance share of premium provisions 40.000 Amounts payable (reinsurance) 23.700
Reinsurance share of outstanding claims provisions 20.000 Amounts payable to credit institutions 2.000
Amounts receivable (beside reinsurance shares) Other amounts payable 5.000
Amounts receivable from policyholders 20.000 161.700

Other amounts receivable 10.000

Total other assets
Current tax assets 300
Liquid assets 9.200
Total accruals and deferred income
Other accruals and deferred income 2.000
161.700

•• Success
Success Insurance
Insurance Company
Company is
is aa primary
primary insurance
insurance company
company with
with business
business in
in Motor,
Motor, GTPL,
GTPL,
Personal
Personal accident,
accident, Property
Property

•• Our
Our task
task is
is to
to restructure
restructure the
the asset
asset allocation
allocation towards
towards aa “risk-return
“risk-return optimal”
optimal” allocation
allocation
following
following the
the risk
risk preference
preference of
of the
the board
board of
of management
management of of the
the Success
Success Insurance
Insurance
Company
Company
11
ALPHA FOR SUCCESS INSURANCE COMPANY

Cash-flow calculation
Success Insurance Company - cash-flow calculations
Background: Data and approach

•• Data
Data basis/Assumptions
basis/Assumptions for
for analysis:
analysis:

•• Success
Success Insurance
Insurance Company
Company gross
gross triangulation
triangulation statistics
statistics per
per LoB
LoB (Motor,
(Motor, GTPL,
GTPL, PA,
PA, Property).
Property).

•• This
This includes
includes per
per Underwriting
Underwriting Year:
Year:
paid
paid and
and reported
reported losses,
losses, IBNR,
IBNR, as
as well
well as
as written
written and
and earned
earned premiums
premiums

LoB split of total written premium LoB split of total booked reserves (incl. UPRs)
PA GTPL PA GTPL
5% 0% 8% 1%
Property
6% Property
8%

Motor
Motor
83%
89%

13
Success Insurance Company – cash-flow
calculations

• Calculation Steps:

• Paid loss development patterns are transformed into calendar

year payout pattern

• Calendar year payout pattern are applied on current booked

Success Insurance Company reserves, future expected payout
of unearned premium reserves is added on top.

• Result:

Total 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Cash-
109.800 63,700 26,300 9,500 5,700 2,200 1,300 700 300 100 0
Flows

All figures in 1.000 EUR

14
ALPHA FOR SUCCESS INSURANCE COMPANY

Calculation of the Replicating Portfolio and the Risk

Neutral Position
 First step: Generation of the target cash flow…

eplicating Portfolio – Success Insurance Company (1/5)

a)
a) We
We start
start from
from the
the gross
gross liability
liability cash
cash flow
flow generated
generated from
from the
the actuarial
actuarial department
department (in
(in 1.000
1.000 EUR)
EUR)
0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 10.5
Target Liability-Cashflow 63,700 26,300 9,500 5,700 2,200 1,300 700 300 100 0 0

b)
b) Taking
Taking into
into account
account aa proportional
proportional reinsurance
reinsurance share
share of
of 70%
70% for
for Success
Success Insurance
Insurance Company’s
Company’s motor
motor
business,
business, we
we end
end up
up with
with aa net
net liability
liability cash
cash flow
flow
0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 10.5
Target Liability-Cashflow 28,400 10,200 4,000 2,200 800 500 200 100 0 0 0

c)
c) Economic
Economic assets
assets and
and liabilities
liabilities from
from the
the balance
balance sheet,
sheet, that
that neither
neither are
are yet
yet represented
represented in in the
the liability
liability
cash
cash flow,
flow, nor
nor are
are part
part ofof the
the investments,
investments, are
are added
added to to the
the target
target cash
cash flow
flow with
with aa short
short term
term (details
(details
see
see next
next slide).
slide). This
This increases
increases the the target
target cash
cash flow
flow in
in the
the 0.5
0.5 year
year term
term by
by 3.4
3.4 m
m EUR
EUR
0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 10.5
Target Liability-Cashflow 31,800 10,200 4,000 2,200 800 500 200 100 0 0 0

16
 …taking into account other economic balance sheet
cash flows in 2009
eplicating Portfolio – Success Insurance Company (2/5)

The
The balance
balance sheet
sheet of
of Success
Success Insurance
Insurance Company
Company serves
serves as
as the
the basis
basis for
for calculating
calculating the
the other
other economic
economic
balance
balance sheet
sheet cash
cash flows
flows

Assets Liabilities Other Cash Flows Assets:

Total Equipment Total equity
Equipment 2.000 Share capital equivalent funds 26.000 Equipment 2,000
Total other financial investment assets, Deposits with ced. Total provisions for insurance and investment contracts Amounts receivable from policyholders 20,000
Equities 1.500 Provisions for unearned premiums 55.000 Other amounts receivable 10,000
Bonds 55.600 Claims provision 45.000 Current tax assets 300
Real Estate 1.100 Total debt 32,300
Total reinsurance share of provisions for insurance contracts Amounts payable (direct insurance) 5.000
Reinsurance share of premium provisions 40.000 Amounts payable (reinsurance) 23.700
Reinsurance share of outstanding claims provisions 20.000 Other Cash Flows Liabilities:
Amounts payable to credit institutions 2.000
Amounts receivable (beside reinsurance shares)
Other amounts payable 5.000
Amounts receivable from policyholders 20.000 Amounts payable (direct insurance) 5,000
161.700
Other amounts receivable 10.000 Amounts payable (reinsurance) 23,700
Total other assets Amounts payable to credit institutions 2,000
Current tax assets 300 Other amounts payable 5,000
Liquid assets 9.200 35,700
Total accruals and deferred income
Other accruals and deferred income 2.000
161.700
Total Other Cash Flow: 3,400

Total Assets: 67,400

17
 Second step: Generating cash flows for relevant
capital market indices
eplicating Portfolio – Success Insurance Company (3/5)

Starting
Starting from
from the
the indices‘
indices‘ characteristics
characteristics we
we generate
generate forfor each
each index
index aa synthetic
synthetic cash
cash flow
flow for
for an
an
investment
investment ofof 11 EUR.
EUR. This
This cash
cash flow
flow consists
consists of
of interest
interest and
and nominal
nominal payments.
payments.

DATA Datastream/Bloomberg-Information
Macaulay Effective Average Average
Index Currency Index Name Short Name Yield Duration Duration Length Coupon
EUR Money Market 0-1 EUR CGBI WMMI EURO 3 MTH EURO DEP.(L) - TOT RETURN IND SBWEU3L 1.3 0.3 0.3 0.3 0.0
EUR Government 1-3 EUR IBOXX EURO SOVEREIGN EZONE 1-3 YRS - TOT RETURN IND IBSEZ13 1.9 2.2 2.1 2.3 5.0
EUR Government 3-5 EUR IBOXX EURO SOVEREIGN EZONE 3-5 YRS - TOT RETURN IND IBSEZ35 2.5 3.6 3.5 3.9 5.0
EUR Government 5-7 EUR IBOXX EURO SOVEREIGN EZONE 5-7 YRS - TOT RETURN IND IBSEZ57 3.1 5.3 5.2 5.9 4.0
EUR Government 7-10 EUR IBOXX EURO SOVEREIGN EZONE 7-10 YRS - TOT RETURN INDIBSEZ7T 3.5 7.5 7.3 8.8 4.0

Cash Flows
0.25 0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5
EUR Money Market 0-1 EUR 1.003 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
EUR Government 1-3 EUR 0.000 0.046 0.241 0.754 0.000 0.000 0.000 0.000 0.000 0.000 0.000
EUR Government 3-5 EUR 0.000 0.045 0.045 0.045 0.554 0.407 0.000 0.000 0.000 0.000 0.000
EUR Government 5-7 EUR 0.000 0.037 0.037 0.037 0.037 0.037 0.541 0.449 0.000 0.000 0.000
EUR Government 7-10 EUR 0.000 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.147 0.351 0.542

18
 Third step: Fitting the asset cash flow to the target
cash flow…
eplicating Portfolio – Success Insurance Company (4/5)

The
The target
target liability
liability cash
cash flow
flow has
has aa present
present value
value of
of 48.8
48.8 m
m EUR
EUR and
and aa duration
duration of
of 1.1
1.1

0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 10.5
Target Liability-Cashflow 31,800 10,200 4,000 2,200 800 500 200 100 0 0 0

An
An optimiser
optimiser searches
searches for
for aa mixture
mixture of
of capital
capital market
market indices
indices thatthat minimises
minimises the
the quadratic
quadratic deviation
deviation in
in
present
present value
value and
and has
has the
the same
same duration
duration as
as the
the target
target liability
liability cash
cash flow
flow

Replicating Portfolio
EUR Money Market 0-1 EUR 32,200,000
Liabilities Replicating Portfolio
EUR Government 1-3 EUR 11,700,000
Present Value 48,800,000 48,800,000
EUR Government 3-5 EUR 3,400,000
Effective Duration 1.10 1.10
EUR Government 5-7 EUR 1,100,000
EUR Government 7-10 EUR 400,000

The
The table
table above
above shows
shows the the optimisation
optimisation result.
result. InIn investing
investing the the optimised
optimised amounts
amounts into
into the
the respective
respective
indices,
indices, we
we generate
generate anan asset
asset cash
cash flow
flow that
that fits
fits the
the liability
liability cash
cash flow
flow as
as good
good as
as possible
possible andand has
has the
the
same
same duration
duration as
as the
the liabilities.
liabilities.
19
 …resulting in the Risk Neutral Position (Replicating
Portfolio plus economic surplus)
eplicating Portfolio – Success Insurance Company (5/5)

Asset–
Asset– Allocation
Allocation

The
The Replicating
Replicating Portfolio
Portfolio invests
invests solely
solely in
in
EUR
EUR government
government bonds
bonds and
and matches
matches with
with
its
its term
term structure
structure the
the liability
liability target
target cash
cash flow
flow
Fixed AAA
AAA best
Fixed
100%
best possible
possible
Income
Income 100%
100%
100%

The
The economic
economic surplus
surplus of
of 18.6
18.6 m m EUR,
EUR,
calculated
calculated asas PV
PV Assets
Assets (67.4
(67.4 mm EUR)
EUR) –– PVPV
Liabilities
Liabilities (48.8
(48.8 mm EUR),
EUR), isis invested
invested risk
risk free
free
into
into EUR
EUR cash
cash

The
The duration
duration of
of the
the risk
risk neutral
neutral position
position
(replicating
(replicating portfolio
portfolio plus
plus surplus)
surplus) is
is very
very
short
short (0.9)
(0.9)

20
ALPHA FOR SUCCESS INSURANCE COMPANY

Optimisation of the Strategic Asset Allocation

(Benchmark Portfolio)
 Current Asset Allocation of Success Insurance Company

enchmark Portfolio – Success Insurance Company (1/4)

Asset–Allocation
Asset–Allocation

Success
Success Insurance
Insurance Company
Company isis primarily
primarily
investing
investing inin fixed
fixed income
income bonds
bonds and
and has
has only
only
aa small
small investment
investment in in Real
Real Estate
Estate and
and
Equities
Equities (4%
(4% together)
together)

The
The majority
majority of
of the
the fixed
fixed income
income investments
investments
has
has investment
investment grade
grade credit
credit risk.
risk.

The
The investment
investment portfolio
portfolio has
has aa duration
duration of
of
3.1
3.1 that
that causes
causes aa high
high interest
interest rate
rate risk
risk due
due
Assets
Assets –– Term
Term Structure
Structure
to
to the
the high
high duration
duration gap
gap (liability
(liability duration
duration of
of
0.9)
0.9)

22
 Assumptions and restrictions for the optimisation have
to be matched with the client‘s expectations
enchmark Portfolio – Success Insurance Company (2/4)
Asset Class Universe Standard Assumptions of ALM To be filled in by client

Use Asset Class Adjustment of Lower Upper Restricted

Total in Optimization expected Bound (in Bound (in Assets
Nr. Riskfactor Currency Asset Class Duration Return Volatility (Y/N) Return % of AuM) % of AuM) (in % of AuM)
1 CAD Equity CAD E 6.38% 21.41% Y 0
2 CHF Equity CHF E 7.15% 21.94% Y 0
3 EUR Equity - DAX EUR E 5.59% 27.05% Y 0
4 EUR Equity - SX5E EUR E 5.52% 21.61% Y 0
5 GBP Equity GBP E 7.57% 23.86% Y 0
6 JPY Equity JPY E 7.74% 24.15% Y 0
7 SEK Equity SEK E 6.91% 26.07% Y 0
8 USD Equity USD E 7.01% 20.05% Y 0
9 EUR Money Market 0-1 EUR M 0.25 1.36% 0.23% Y 0
10 EUR Government 1-3 EUR F 1.75 1.01% 0.76% Y 0
11 EUR Government 3-5 EUR F 3.46 1.07% 1.82% Y 0
12 EUR Government 5-7 EUR F 4.99 1.23% 2.81% Y 0
13 EUR Government 7-10 EUR F 6.79 1.43% 4.06% Y 0
14 EUR Government 10-15 EUR F 8.84 1.60% 5.39% Y 0
15 EUR Government 15-25 EUR F 13.38 1.82% 7.18% Y 0
16 EUR Government 25+ EUR F 15.30 1.86% 7.58% Y 0
17 EUR Pfandbriefe 1-3 EUR F 1.62 1.47% 0.86% Y 0
18 EUR Pfandbriefe 3-5 EUR F 3.46 1.83% 1.95% Y 0
19 EUR Pfandbriefe 5-7 EUR F 5.11 2.11% 2.98% Y 0
20 EUR Pfandbriefe 7-10 EUR F 6.57 2.31% 3.94% Y 0
21 EUR Pfandbriefe 10+ EUR F 9.54 2.53% 5.47% Y 0
22 EUR Corporates ex fin 1-3 EUR F 1.88 2.68% 1.71% Y 0
23 EUR Corporates ex fin 3-5 EUR F 3.55 2.73% 2.52% Y 0
24 EUR Corporates ex fin 5-7 EUR F 4.90 2.84% 3.42% Y 0
25 EUR Corporates ex fin 7-10 EUR F 6.41 2.92% 4.45% Y 0
26 EUR Corporates ex fin 10+ EUR F 9.38 3.02% 5.77% Y 0
27 EUR Corporates - Financials 1-3 EUR F 1.77 2.26% 1.30% Y 0
28 EUR Corporates - Financials 3-5 EUR F 3.47 2.50% 2.31% Y 0
29 EUR Corporates - Financials 5-7 EUR F 4.71 2.78% 3.29% Y 0
30 EUR Corporates - Financials 7-10 EUR F 6.02 2.80% 4.00% Y 0
31 EUR Corporates - Financials 10+ EUR F 9.87 2.87% 5.92% Y 0
32 EUR Inflation Linked 1-10 EUR F 4.05 2.59% 4.13% Y 0
33 EUR Inflation Linked 10+ EUR F 13.49 3.26% 9.93% Y 0
34 Emerging Markets Composite EUR F 4.28 2.50% 3.62% Y 0
35 Commodities General USD A 0.00 1.16% 21.32% Y 0
36 GER Real Estate Office EUR R 4.46% 12.35% Y 0
37 GER Real Estate Home EUR R 4.46% 7.88% Y 0 23
 The optimisation shows efficient portfolios in relation to
the current asset allocation
enchmark Portfolio – Success Insurance Company (3/4)

Optimisation Results

Excess
Excess Return
Return based
based on
on Asset
Asset Volume
Volume

Possible
Possible efficient
efficient solutions
solutions

Efficient
Efficient frontier
frontier

P4

P3

Current
Current allocation
allocation
P2

P1

RNP

VaR
VaR 99.5%
99.5% based
based on
on Asset
Asset Volume
Volume
24
 Asset-Allocation of efficient portfolios with
increasing risk
enchmark Portfolio – Success Insurance Company (4/4)

100.0%

90.0%

80.0%

70.0%

60.0% Alternatives
Real Estate
50.0% Non-Governments
Governments
40.0%
Cash

30.0% Equities

20.0%

10.0%

0.0% RP P1 P2 P3 P4
0%
1 1%
2 2%
3 3%
4 4%
5 5%
6 6%
7 7%
8 8%
9 9% VaR 99.5
10

25
ALPHA creates added value for a company

ALPHA added value for an insurance company

Optimum-return
Optimum-return allocation
allocation inin accordance
accordance with
with client
client risk
risk appetite
appetite


Optimisation
Optimisation potential:
potential: Indication
Indication of
of ways
ways to
to increase
increase the
the return
return (usually
(usually up
up to
to 90
90 bp)
bp) or
or
reduce
reduce the
the risk
risk (usually
(usually up
up toto 50%
50% reduction
reduction ofof market
market risk
risk capital)
capital)


Compatible
Compatible systems
systems –– no
no interface
interface problems
problems


Tried-and-tested
Tried-and-tested analysis
analysis techniques
techniques andand understanding
understanding ofof requirements
requirements thanks
thanks to
to several
several
years
years of
of successful
successful implementation
implementation at at own
own company
company (proved
(proved worth
worth during
during financial
financial crisis)
crisis)


All
All classes
classes of
of business
business (except
(except life
life and
and health)
health) can
can be
be modelled
modelled


Munich
Munich Re
Re has
has aa large
large amount
amount of
of data
data to
to draw
draw on
on (worldwide)  Enrichment
(worldwide)  Enrichment of
of client
client data
data
possible
possible


Not
Not much
much client
client data
data and
and resources
resources necessary
necessary to
to accomplish
accomplish ALPHA
ALPHA project
project


Intense
Intense know
know how
how transfer
transfer


One-stop
One-stop service:
service: Munich
Munich Re
Re provides
provides know-how
know-how –– from
from the
the processing
processing of
of loss
loss data
data to
to the
the
investment
investment of
of assets
assets by
by MEAG
MEAG

ALPHA
ALPHA enables
enables clients
clients to
to benefit
benefit directly
directly from
from Munich
Munich Re's
Re's know-how
know-how and
and its
its established
established systems
systems
and
and processes.
processes.
26
Disclaimer

© 2011 Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

("Munich Re"). All rights reserved.

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 © 2011 Münchener Rückversicherungs-Gesellschaft © 2011 Munich Reinsurance Company
THANK YOU VERY MUCH FOR YOUR ATTENTION

Michael Gerstle Rainer Stragies

Tel. +49 89 3891 3841 Tel. +49 89 3891 9650
mgerstle@munichre.com rstragies@munichre.com