Munich Re Specialty, a division of the global reinsurer Munich Re, has announced its entry into the Spanish insurance market, targeting the primary specialty sector.
With operations expected to commence in 2025, the company has established a Spanish branch of Munich Re Risk Solutions Ireland, which has the regulatory approval necessary to operate within Spain.
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This move is part of a strategic initiative to expand Munich Re Specialty’s presence across Europe, building on its existing business in the UK, Ireland, and Germany.
Gianluca Piscopo has been appointed as the country manager to oversee the daily operations of the primary business in Spain, with an office set to open in Madrid.
Having joined the company in September 2024, Piscopo brings experience and knowledge of the Spanish market.
He will be responsible for driving growth strategies and strengthening relationships with brokers and clients.
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By GlobalDataPiscopo will report to Munich Re Specialty – global markets, Europe CEO Silvi Wompa Sinclair.
To bolster its underwriting capabilities in Spain, Munich Re Specialty has named Miguel Peces as head of underwriting for the new branch.
The company also plans to recruit additional roles to support its specialty business and capitalise on local market opportunities.
However, the expansion into Spain is contingent upon receiving further regulatory approvals and formal underwriting authority.
Sinclair said: “The insurance market in Spain is vibrant, innovative and high performing, filled with dedicated risk professionals.
“For these reasons, the country is an excellent launchpad for Munich Re Specialty to prove the value of its European expansion strategy. I look forward to working with Gianluca, Miguel, our team and new local partners and clients to meet their challenges.”
In September 2024, Munich Re North America Life, also part of Munich Re, introduced a longevity reinsurance solution aimed at clients in the US and Canada.
This solution is designed to assist clients in managing biometric risks associated with pension or annuity payments, providing them with a predictable cash flow.
