Deutsche Rück to enter LatAm market in international expansion strategy
German reinsurer Deutsche Rückversicherung plans to start writing property and casualty business in Latin America as part of its strategic international expansion in the non-life reinsurance line.
The company has appointed Florian Kummer as head of Latin American markets, responsible for developing the newly launched market segment with a focus on profitable growth.
Kummer has over 25 years of experience in the reinsurance industry, including serving in senior management positions. He has worked across the Latin American region, including in Mexico City, Madrid, São Paulo and Miami, among others.
Over the last decade, the Deutsche Rück Group has been underwriting property and casualty reinsurance risks across the European market and in recent years has entered further international markets, including the Maghreb region and the Gulf States.
With a view to the upcoming renewals, the reinsurer plans to start writing standard P&C business in the Latin American markets, subject to regulatory formal authorisations.
“The launch of the new Latin American market segment signals a further deliberate step in Deutsche Rück’s strategic international expansion in non-life reinsurance lines,” said Achim Bosch, member of the board of executive directors at Deutsche Rück.
He added: “We are very pleased to have Florian join our team. His knowledge and experience will greatly contribute to our ability to share our expertise with local and regional insurance companies in the vibrant Latin American markets.”
Kummer commented: “Hundreds of thousands of small and mid-sized businesses, as well as a growing and dynamic middle class, are the lifeblood and economic backbone of Latin American societies. This is precisely where our specialist skills and knowledge lie. We and our partners maintain a strong regional focus based on intimate knowledge of the markets we serve.”
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