Munich Re Specialty Group (MRSG) and its UK distribution companies2nd December 2021
I wrote to broker partners back in May this year, announcing some exciting forthcoming structural changes within our MRSG organisation, aimed at strengthening our position within the UK Specialty market. These changes are to be introduced shortly and as such, I’d now like to provide you with some clarity in terms of what, in a practical sense, this means.
Effective from 8th December, the legal entity of NMU (Specialty) Ltd will officially change its legal name to Munich Re Specialty Insurance (UK) Limited (‘MRSI UK’).
We kindly ask you to update your systems and records accordingly.
Our placement solution for European Business, Munich Re Risk Solutions Ireland Ltd (MRRSI) will remain as a separate legal entity.
This newly named company MRSI UK, which combines the individual brands of NMU, GrovesJohnWestrup Private Clients and GJW Direct will become MRSG’s preferred distributor for primary speciality business in the UK, enabling us to deliver benefits from the power of synergy and collaboration, access to deeper group resources and product development capabilities, all utilising capacity from within the Munich Re Group.
In addition, Digital Partners will join the MRSG organisation from 1st January 2022. Digital Partners provide insurtechs and digital distributors with a comprehensive, go-to market partnership, built on the financial strength and expertise of Munich Re.
Rest assured, the highly successful and long established NMU brand will remain unchanged and will continue to trade as such, delivering the award-winning service that you, our brokers partners and policyholders have become accustomed to.
In terms of structure, the following changes will be introduced effective 1st January 2022, subject to regulatory approval:
Alex Lay has been appointed as the CEO of MRSI UK. Alex brings two decades of operational and management experience ranging from reinsurance to primary insurance, from carrier to MGA business, and from commercial to personal lines.
The NMU management team you know remains very much involved, but with some role changes:
I will assume the Managing Director (MD) position at NMU. As MD of the NMU business unit, I’ll work to maintain business as usual, ensuring we collectively match, if not better the performance and the levels of service NMU is noted for, whilst assisting with the transition of the business unit into the new MRSI UK structure.
Paul Hiscoe becomes Technical Director of MRSI UK, leading the Underwriting, Analytics, Claims and Risk teams with a goal to establish the best underwriting teams across all brands, Paul will develop an overarching Underwriting, Claims & Risk strategy enabling opportunities to package business and deliver growth and long term profitability.
Duncan McClean takes the role of Director of Broker Distribution within the Commercial Department which will be headed up by John Leckie, who is appointed to the Commercial Director with responsibility for Distribution, Capacity Management and Marketing.
Marcel Naujoks becomes Operations Director for MRSI UK, leading the Transformation, Operations, Delivery, Product Development and Data teams. He joined NMU in December 2020 as the Chief Operating Officer. Prior to that, Marcel worked at Munich Re’s Strategy Department in Munich.
This is without doubt the biggest and most exciting time in the short history of NMU. As we enter our 40th year in 2022, the anniversary puts us in the strongest position possible; enjoying strong underwriting results and Munich Re backing, bringing together extensive resources and skills to take the business forward and expand our product range.
The NMU team and I very much look forward delivering on the real benefits, our stronger and unified business will provide going forward.
Will the registered company number change?
No, the registered number with Companies House will remain as 01262636
Will the registered company address change?
No, the registered address will remain at The Exchange, 3 New York Street, Manchester, M1 4HN
Will the FCA number change?
No, the FCA number will remain as FRN 310539
Will the company name of NMU change?
On the 8th December 2021, we shall request the legal registered name lodged with Companies House and FCA of NMU (Specialty) Ltd to be changed to Munich Re Specialty Insurance (UK) Limited.
The trading name of NMU will remain and there will be no change to branding.
How will the name show on policy documentation?
NMU is a trading name of Munich Re Specialty Insurance (UK) Limited, registered in England: 01262636, The Exchange, 3 New York Street, Manchester, M1 4HN. Authorised and regulated by the Financial Conduct Authority (FRN 310539) and acting as a managing general agent on behalf of certain insurers.
Will bank details change?
The name of the bank account has changed to MRSI UK Ltd, but the sort code and account number will remain unaltered.
When making payments, please use MRSI UK Ltd, when prompted. Please contact the credit control team with any issues or queries at firstname.lastname@example.org
Will you be issuing a new ToBA?
No. Other than the company name, all other details remain the same
As a result of this restructure and change, have your underlying securities/capacities changed?
There has been no change to capacity
What happens with MTAs on existing policies currently placed via NMU (Speciality) Ltd?
Any documents issued after the name change will reflect the new name, including MTAs
Do we now need to arrange for all ‘NMU (Speciality) Ltd policies’ to be transferred mid-term insofar as updating our records, or will they transition across at renewal?
No change is required to existing policies. The new name will be applied from the next renewal or MTA.