Munich Re Specialty will begin underwriting primary specialty business in Italy from a Milan headquarters, targeting construction & engineering, property and surety risks with first placements expected in early 2027.
Munich Re Specialty is launching primary specialty operations in Italy, its fifth European market, with an Italian HQ in Milan.
First risks are expected to be placed in early 2027, focusing on construction & engineering, property and surety lines.
Local operations will run under the existing Italian branch of Great Lakes Insurance SE, Munich Re’s fully owned primary insurer.
Munich Re Specialty announced it is entering Italy's primary specialty insurance market and will base its Italian headquarters in Milan. The move is the firm's fifth country launch in Europe after operations in the UK & Ireland, Spain and Germany.
The new Italian offering will provide commercial primary specialty solutions to small-to-medium enterprises, mid-market and upper mid-market clients. The firm expects to underwrite its first risks in early 2027.
Munich Re Specialty will bring the same core product lines it offers in Spain and Germany: construction & engineering, property and surety insurance. These products are aimed at commercial clients who need coverage for project and property exposures and guarantees tied to contractual obligations.
Operations in Italy will be conducted under the existing Italian branch of Great Lakes Insurance SE, which is Munich Re's fully owned primary insurer. The Great Lakes branch provides an established legal and regulatory presence in Italy and experience in delegated authority and handling complex risks.
Saverio Longo has been named managing director for Italy and will lead day-to-day operations. Longo brings around 20 years of underwriting and distribution experience with previous roles at Zurich Global Corporate/Commercial Insurance Italy and AXA XL Italy. Gian Luca Migliorini joins as head of underwriting for Italy. Munich Re Specialty said it will create new local roles to support development of construction & engineering, property and surety business.
This launch continues Munich Re Specialty's European expansion, bringing underwriting talent closer to market needs and aiming to work closely with primary specialty brokers in Italy. The company cited a substantial potential client base that requires the three product lines it will offer.
Silvi Wompa Sinclair, CEO of Munich Re Specialty – Global Markets, Europe, described the Italy launch as an important step in the company's European rollout and cited the local demand for surety, property and construction insurance as driving the decision to open in Italy.
What this means for brokers and clients
Brokers servicing Italian commercial specialty accounts can expect a new underwriting partner offering delegated authority capabilities through the Great Lakes branch. Clients in construction, property development and contractual guarantee needs will have an additional market option, with underwriting teams placed locally to assess and price risks.
Munich Re Specialty will start hiring new roles in Italy to operationalize the product offering and is positioning to write its first primary specialty risks in early 2027. The move aligns with the company's recent pattern of country-by-country expansion across Europe.
The launch gives brokers and mid-market commercial clients in Italy access to Munich Re Specialty's products backed by Great Lakes Insurance SE's legal presence. Expect local hiring, broker outreach and initial placements to ramp through the months leading to early 2027.
Munich Re Specialty's fifth country, explained
A line-up with Hiscox, Brown & Brown, and Plum pedigree enters a segment where broker access to experienced underwriters is increasingly scarce
MNK International, an independent Lloyd’s broker, said it launched MNK International North America, a new broking business that will provide North American producers and clients with access to specialist insurance solutions through the London and Bermuda markets. MNK International North …
Insurance has always been about helping people and businesses navigate uncertainty. And the industry has continually adapted to protect new risks as they emerge. Many of today’s established specialty insurance markets began this way. For example, before cyber insurance became …
The global reinsurance market maintains a very strong capital position that has benefitted from favorable earnings in recent years, with solid underwriting profits and resilient investment returns. However, this record capacity from both traditional reinsurers and alternative capital markets continues …
IUA data released at Monte Carlo shows disciplined contraction from a market still near record volume
Loading more related stories...
Open the app view to save this story, compare related coverage, and continue from the same source.