Markets/Coverages: Munich Re Specialty Launches in Italy’s Primary Specialty Market

Munich Re Specialty announced it will offer commercial solutions in the Italian primary specialty insurance market, with its Italian headquarters in Milan.

Munich Re Specialty intends to provide solutions to a range of clients from small-to-medium-sized enterprises, mid-market and upper mid-market clients in Italy, with first risks insured in early 2027.

Building on its long-standing presence in the UK and Ireland and following the commencement of its operations in the Spanish and German primary specialty mid-market, this announcement marks the next stage of Munich Re Specialty’s European strategy.

Munich Re Specialty’s new offering in Italy will offer to primary specialty clients its established product lines of construction & engineering, property and surety insurance. This offering matches what is already available to its commercial primary specialty insurance clients in Spain and Germany.

Saverio Longo has been appointed to lead day-to-day operations as Munich Re Specialty’s managing director for Italy. Longo, an executive of 20 years with underwriting and distribution experience, has previously worked with Zurich Global Corporate/Commercial Insurance Italy as country manager, and AXA XL Italy as country manager/branch manager.

In his new role, Longo will be tasked with driving profitable growth and fostering key relationships among primary specialty brokers and clients. In addition, Gian Luca Migliorini joins Munich Re Specialty as head of Underwriting, Italy. Saverio Longo will join the Munich Re Specialty – Global Markets’ European executive team led by Silvi Wompa Sinclair, CEO.

To enable the extension of its presence in the commercial primary specialty insurance market, Munich Re Specialty and its employees will operate under the existing Italian branch of Great Lakes Insurance SE, Munich Re’s fully owned primary insurer, known for its strength in delegated authority and complex risks.

To support Munich Re Specialty’s work to develop local market opportunities for construction & engineering, property and surety insurance, new roles will be created in Italy.

“Expanding Munich Re Specialty into Italy, the fifth country of our European journey, is a milestone to celebrate,” commented Silvi Wompa Sinclair, CEO of Munich Re Specialty – Global Markets, Europe, in a statement.

“The abundance of potential clients within our market segment strategy and their demand for surety, property and construction insurance make Italy an exciting next step,” Sinclair added. “We have successfully scaled our growth ambitions over the past three years by fostering close broker partnerships and purposefully placing underwriting talent in close proximity to market needs.”

Source: Munich Re Specialty