Le 6 fevrier, 2008: Munich, Allemagne

Munich Re to set up a subsidiary in Brazil

Following the opening of the Brazilian reinsurance market, Munich Re will be represented by a subsidiary in São Paulo. This choice is the solution that secures the best possible market access for the Group.

Georg Daschner, whose responsibilities on Munich Re's Board of Management include Latin America, said: "We are very pleased that the Brazilian market has been opened for foreign reinsurers. Now we can offer reinsurance protection to primary insurers in Brazil in all lines of business and provide them with the Munich Re Group's entire range of services. This creates promising new business opportunities for us."

Munich Re has had a representative office in São Paulo for ten years and is therefore very familiar with market conditions there. Daschner: "A local subsidiary will enable us to give the market the best support possible and make our capacity extensively available to clients from the outset. And we will succeed in participating appropriately in the expected expansion of the market."

With a premium income from primary insurance of approx. US$ 27bn, Brazil is by far the largest insurance market in Latin America. Reinsurance premium income was roughly US$ 1.4bn in 2006. Liberalisation of the reinsurance market coupled with the country's overall economic development is expected to make demand for reinsurance solutions in Brazil increase markedly.

The Munich Re Group operates worldwide, turning risk into value. In the business year 2006, it achieved a profit of €3,536m, the highest in its 126-year corporate history. In 2006, its premium income amounted to approximately €37bn and its investments to around €177bn. The Group is characterised by particularly pronounced diversification, client focus and earnings stability. It has approximately 37,000 employees in over 50 countries throughout the world and operates in all lines of insurance. With premium income of around €22bn in the year 2006 from reinsurance alone, it is one of the world's leading reinsurers. Its primary insurance operations are mainly concentrated in the ERGO Insurance Group; it is the second-largest provider in the German primary insurance market and a leading player in the European insurance market in health insurance and legal expenses cover. The ERGO Insurance Group is present in 25 countries, and 33 million clients place their trust in the services, competence and security it provides.

Disclaimer
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.