Is the world that way, OR is it just people that are?
Finally someone has said it, finally someone had the courage. Now quick, get to work and implement it! Or rather, think about it?
Nikolaus von Bomhard, boss (CEO) of the world’s largest reinsurer MunichRe (Münchener Rückversicherungs-Gesellschaft AG) and someone I esteem, hesitated a little and then clearly and audibly stated: there is a higher intelligence with which banks can be divided.... He said the goal was to avoid anything “too big to fail”. Well said, and (almost) everyone was happy – now why is no one doing anything about it?
MunichRe is the biggest reinsurer. Earlier there was a bigger one, which my colleague in the U.S. rehabilitated so that the banks would do well again; but the creditors, shareholders and the public debt exploded. Can that happen to a SwissRe or a MunichRe too – if necessary, through the Federal Ministry of Economics and Technology, I’ll solve the problem in one go?
MunichRe is clearly structured: there is a substantial reinsurance business and also a repeatedly vociferous primary insurance business – perhaps both together make a “too big to fail.” Or, the Minister asks the executive, have you made the separation proposal just because of bad experiences at home? I could settle that too, almost by the way.
It is even optimally prepared, since the Deutsche Bank already has its twin-header on the board – that should make a split less painful. And the MunichRe executive is right to contribute his opinion to the shareholders’ meeting with his share votes. Is it not even a duty in the interests of MunichRe and its customers?
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It is better that we begin to build, rather than break up. Start that, my dear Mr von Bomhard! Demonstrate the responsibility as a shareholder which I ascribe to you as a person and a CEO – bring all the voting shares under your responsibility to the meeting. Talk of responsibility, but also act with responsibility – just imagine, it’s AGM and the shareholders come ... all of them, reliably and error free.