Largest Reinsurance Public Companies in Germany

Company	HQ	Description	Sectors	Stock Price	1Y Perf.	Market Cap	EV	EV/Revenue	EV/EBITDA
Munich Re		Munich Re was founded in 1880 by Carl Thieme amid a flurry of other re…Munich Re was founded in 1880 by Carl Thieme amid a flurry of other reinsurance companies set up independently of primaries. In those early days, most reinsurers typically focused on a few strong customers. Thieme focused on a broader set of cedents to drive stronger growth in premiums. This coincided with a strategy of risk diversification and a preference to partner rather than take on a one-sided transfer of risk. In the 1890s, Munich Re introduced the first machinery insurance. After Thieme and Wilhelm von Fink founded Allianz, this was the main channel to sell insurance on machinery. We believe the approach of partnering with insurers and preferring to avoid one-sided risk, in conjunction with combining inspection and insurance services, remains at the heart of the firm.	Reinsurance+1	$12	-10%	$75B	$77B	—	—
Hannover Re		Hannover Re is a reinsurance company headquartered in Hannover, German…Hannover Re is a reinsurance company headquartered in Hannover, Germany. Its roots go back to the 1920s when, in conjunction with the Gerling Group, Haftpflichtverband founded Eisen- und Stahl-Industrie to provide reinsurance services. In the 1960s ownership of the business was turned over to Haftpflichtverband, and Aktiengesellschaft für Transport und- Rückversicherung was founded. This was the basis of Hannover Re. The business expanded into life and health reinsurance in the 1990s, and over the ensuing 30 years expanded beyond its core domestic market of Germany to write business internationally. Hannover sold its commercial specialty insurance business to Talanx in January 2019. Hannover was listed in the 1990s on the Frankfurt Stock Exchange.	Reinsurance	$281	-13%	$34B	$37B	1.2x	9.3x
Talanx		Talanx is the third largest insurer in Germany. It sells insurance to…Talanx is the third largest insurer in Germany. It sells insurance to businesses, individuals, and reinsurers other insurers. The origins of Talanx go back to the early 1900s and the founding of two mutuals in Germany, HDI and FSV, that were set up to provide liability insurance to the German iron and steel industry, and fire insurance to the German mining industry as a result of a growing dissatisfaction with providers of insurance. These two mutuals merged to form Halfplichtverband der Deutschen Industrie, or HDI, in 1970. Over the years companies outside of metals and mining have joined the mutual. HDI started providing reinsurance services in the mid-1920s, and individual insurance in the 1950s. HDI owns just over three-quarters of the Talanx share capital.	Insurance Carriers+1	$125	-5%	$32B	$36B	0.6x	5.9x
Median				$125	-10%	$34B	$37B	0.9x	7.6x

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