Munich Re has acquired business processing and underwriting software firm Allfinanz in a deal worth €48m.
Allfinanz software will now incorporate Munich Re’s medical underwriting questions.
Munich Re Board member for life and health reinsurance business Dr. Wolfgang Strassl says the combination of Allfinanz’s technology and Munich Re’s global reach and superior risk management skills represents a unique opportunity that will add significant value for its clients in the life insurance sector.
He says: “Munich Re will participate in the growing profitability of Allfinanz and will also benefit directly through improved quality of its reinsurance business and by higher volumes achieved through clients favouring the combined Munich Re Allfinanz solution.”
Allfinanz will retain its brand and continue to be run as a separate company within the Munich Re Group. It currently has a staff of 58 across its offices in Dublin and Sydney.