Munich Re

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“Reinsurance has to be international in accordance with its nature.” This perspective, articulated by Carl von Thieme, a founder and long-time director of Munich Re, underscores the company's rapid ascent to world market leadership after its founding in 1880. While it often competed with Swiss Re, the broader public remains largely unaware of its significance. Johannes Bähr and Christopher Kopper provide the first comprehensive history of Munich Re, tracing its journey from inception to the 1980s. Few companies have achieved such swift dominance and sustained it for so long. The company’s history illustrates how insurers adapted to major catastrophes and technological advancements. Without reinsurers like Munich Re, many direct insurers would have faced bankruptcy due to the financial burdens of natural disasters. Reinsurers enabled coverage for high-risk scenarios, paving the way for new insurance segments, including machine and high-risk life insurance. Thus, this narrative not only chronicles a pioneer of globalization but also reflects the complexities of risk management. Additionally, it highlights the challenges faced by this German company as it navigated the repercussions of the National Socialist regime and worked to re-establish itself in the global market post-World Wars.