In 1949, the public-law insurers’ working group met on Norderney, where it agreed to establish a new reinsurance public limited company.

Reaching a consensus among the public insurers was difficult. After all, this was a fundamental strategic decision. In June 1951, at an extraordinary general meeting of the “Working Group for Public-Law Insurance”, a majority ultimately voted in favour of establishing a new reinsurance public limited company.

Blank share certificate Deutsche Rück

The reasoning was that a public limited company offered “the best opportunity to accommodate the differing requirements of the institutions arising from their varied structures”.

Where it all officially began: The Hotel zur Post in Bernkastel-Kues still exists today. Postcard of Bernkastel-Kues, c. 1910

“Born” on the Moselle

Deutsche Rückversicherung AG was founded on 22 August at a meeting of the “General Committee” of the Working Group on Public-Law Insurance, held at the Hotel “Zur Post” in Bernkastel-Kues. The share capital amounted to 1 million Deutsche Mark, of which 25 per cent was paid in. All 24 public insurers were shareholders, each holding a stake in the new company in proportion to their size.

It was also stipulated that, in terms of profit generation, the new company was not to be a conventional public limited company, but one oriented towards collective interests. “The company is not profit-oriented.”

 

Draft articles of association of 6 June 1951

“The purpose of the company is to carry out reinsurance of all kinds,” as stated in the articles. Furthermore, the company is authorised to “take measures that serve to promote public insurance.”