Munich Re Specialty Insurance adds Edelstein as COO

Munich Re has named former Hiscox executive Adam Edelstein as COO of its new specialty insurance platform.

The company said Edelstein will spearhead the buildout of the Munich Re Specialty Insurance (MRSI) structure to support growth strategies and drive operational efficiency.

He will report to MRSI CEO Mike Kerner, the long-time Zurich Insurance Company executive who joined from Everest Re at the end of last year to head the new platform at Munich Re.

In a statement, Kerner said Edelstein would work closely with him to provide “leadership, management and vision” for the build-out of the new unit.

“His experience in overseeing complex business operations, technology, and strategy are important assets as we unify and grow our primary specialty commercial insurance business,” Kerner said.

Edelstein spent six years at Hiscox, most recently as COO in the US. He is credited with implementing a new company-wide operating model as well as a modern technology platform.

He left in 2017 for Quintessential Solutions, a digital and operational transformation consulting firm.

Quintessential Solutions led the development and delivery of Berkshire Hathaway’s new Three small business insurance solution, according to Edelstein’s LinkedIn profile.

As previously reported, Kerner was unveiled as head of MRSI in December as the (re)insurance giant looked to target growth in the specialty primary insurance market.

The new unit combines several Munich Re primary platforms under the new specialty commercial insurance umbrella, said the company in a statement.

The formation of MRSI represents a concerted effort by Munich Re to become a more meaningful and cohesive commercial insurer in the US.

It will pit the company head-to-head with Swiss Re’s Corporate Solutions business and the powerhouse US operations of primary European-based carriers such as Zurich, along with domestic large commercial insurers.

Munich Re currently writes specialty primary insurance through its American Alternative Insurance Corporation and Princeton Excess and Surplus Lines (E&S) Insurance Company.

However, it is relatively underweight in the segment. In E&S, for example, Munich Re’s Princeton subsidiary didn’t feature in the top 25 writers of the business, based on 2017 AM Best data.

MRSI will complement American Modern, Hartford Steam Boiler and other established Munich Re insurance operations in the US. But he spent 23 years at Zurich with a range of senior executive roles, including CEO of general insurance, CEO of Global Corporate North America, global CUO, the carrier’s main reinsurance buyer and COO of its North America Specialties division.