No launch date has been set but the unit is being set up by John Ritchie, head of client marketing at Munich Re UK. Ritchie, who has been at Munich Re since 2004, has also worked in group risk at Swiss Re and individual protection at St James’s Place, is currently recruiting a team.
The announcement comes weeks after the entry of Zurich Corporate Risk into the sector and has led to speculation that other providers could be considering a similar move.
A spokesman for Munich Re says: “The new group risk arm is still in its very early stages, and John is still in the process of building his team. This business will be run at arms length from the reinsurance business. The new group risk business unit will be treated in exactly the same way as any other group risk insurer.”