75 Years of Deutsche Rück

Shaping History
together – yesterday, today and tomorrow

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Dear Readers,

75 years of Deutsche Rückversicherung AG are an impressive testament to resilience, adaptability and a strong spirit of partnership. This chronicle clearly illustrates how closely the development of Deutsche Rück has been intertwined with the economic, political and social conditions of its time. Since its founding in 1951, the company has held its ground in a dynamic environment and has continuously evolved. What has consistently endured, however, is its clear set of values: reliability, a spirit of partnership and a special closeness to its owners, the public-law insurers.

The history of Deutsche Rück is characterised by growth and innovation, but also by periods of realignment. Especially in challenging times, it has become evident how important a stable ownership structure and a strong shared foundation are. The ability to learn from experience and to implement strategic adjustments with determination has made the company what it is today: one of the leading reinsurers in Germany and a trusted partner in Europe and international markets.

The title of this chronicle captures it perfectly: History is shaped together – yesterday, today and tomorrow. I would therefore like to extend my thanks to all those who have helped shape Deutsche Rück’s journey: its employees, members of the Board of Executive Directors and Supervisory Board, as well as shareholders past and present. Their commitment, expertise and trust form the foundation of this success.

I invite you to immerse yourself in the eventful and compelling history of Deutsche Rück and wish you an enjoyable read.

Yours sincerely,

Professor Dr Frank Walthes
Chairman of the Supervisory Board

1945 – 1976 Foundation and years of New Beginnings

Reinsurance for a Country in Ruins

Today, Deutsche Rück is one of the leading reinsurers in the German market. In Europe and in selected international markets, it is a sought-after partner. However, its beginnings as a reinsurer for public insurers in post-war Germany were anything but easy.

A Different World: Public Insurers after 1945

After 1945, the landscape of public insurers in Germany was entirely different from what it is today. In 1950, there were still a total of 24 regionally highly fragmented insurers. Their interests were fragmented, too. Accordingly, the debate over the form of a joint reinsurance arrangement reflects the differing situation of the public insurers.

The Founding of Deutsche Rück

In what form should the joint reinsurance for public fire insurers be organised in future? As a cooperative solution via an association, as the life and accident insurers had done? Or through a separate public limited company instead? Public insurers debated this question for several years. In the end, they opted for a public limited company.

New Beginnings in the Economic Miracle

After its founding in August 1951, the new reinsurer wasted no time. On 12 February 1952, the company, registered in the Hamburg commercial register as “Deutsche Rückversicherung Aktiengesellschaft”, commenced business operations in the Hanseatic city.

Success in Manageable Structures

Deutsche Rück has grown strongly since its founding. Despite this pace of growth, however, the number of employees remained unchanged. By the mid-1950s, the workforce was still very small, with just 16 employees.

In the Eye of the Storm

In the 1960s, the economic boom in Germany continued unabated – and with it the growth of the public insurers and their reinsurer. However: From the outset, major natural catastrophe events became a constant companion for Deutsche Rück.

1976 – 1995 From Boom to Crisis

First Steps Abroad

High losses from fire and storms have weighed on Deutsche Rück’s balance sheet since the 1960s. The company therefore decided to change its strategy. It ventured abroad – with costly consequences.

The London Venture

With its move abroad, Deutsche Rück entered a new boom phase. However, this was short-lived. It soon became clear that the business acquired in the London market was predominantly high-loss in nature.

A Collective Effort

Deutsche Rück had to free itself from the predicament into which it had fallen as a result of its international business. This required a collective effort by all public insurers. Together, they rescued Deutsche Rück.

Next chapter: New Directions From the Elbe to the Rhine

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