Blog | | by C. Lohoff
Munich Re new majority shareholder - new products for HK
Hansekuranz has been able to win over a new and strong partner.
The world’s biggest reinsurer’s majority share reflects its strong confidence in this Underwriting Agent for special risks. The cooperation has continuously grown closer over the last couple of years; innovations in existing products have been pursued and new products have successively been developed.
The two companies are looking to establish Hansekuranz Kontor not merely as a specialist for Kidnap and Ransom, but they are also striving to develop the agency’s focus on innovative product development. The new products Crisis Protect (CP) and Cargo Contribution Protect (CCP) serve as proof of and the foundation for the innovative potential in both land- and sea-sided business.
Crisis Protect covers crisis management and related costs for incidents beyond kidnap and ransom. These include bank robberies, murder, manslaughter but also event risks such as hooliganism, terror, instances of mass panic and natural catastrophes. Costs covered include those for crisis management and setting up a crisis team within the insured company and of psychological treatment for affected individuals. The capacity behind this product is provided by Great Lakes Insurance SE – a 100% Munich Re subsidiary.
Cargo Contribution Protect, on the other hand, is a product targeted at the marine industry. More specifically, the product provides the shipowner with much needed liquidity in case of a General Average but also covers the risk of non-contribution from the cargo side.
First and significant contracts can already be recorded for both products. In that sense both partners can start the new year knowing that they have discovered new niches in the market.