From Europe to the World
Frank Schaar, who joined the Board of Executive Directors in 2010 and became Chief Executive Officer (CEO) in 2018, developed a new strategy together with Prof. Dr Frank Walthes, Chairman of the Supervisory Board and CEO of the German public insurer Versicherungskammer, aimed at opening up further sources of growth abroad and advancing diversification in the years ahead.
Frank Schaar
Prof Frank Walthes
Stability in Leadership
The continuity in leadership at the top of Deutsche Rück paid off: Walthes and Schaar worked closely together over many years to implement the strategy. In the long term, the thinking went, the traditional German property reinsurance business alone would not provide a sufficient basis for sustainable success for the shareholders.
The company therefore intended to position itself in four central business areas in future:
Reinsurance for Deutsche Rück shareholders
Reinsurance for third-party business
DR Swiss
Life reinsurance
A New Market Every Year
In 2020, Deutsche Rück drew up its first-ever five-year plan for the company. With its “Aufbruch” (“New Beginning”) strategy, the company significantly expanded its international business. Schaar recognised the considerable potential in the international business and injected new momentum into it.
The objective was to become active in a new target market every year.
A view of Rio de Janeiro, taken while looking over the shoulder of the 'Cristo Redentor' statue.
First Activity Outside Europe
In 2021, Deutsche Rück took its first step into markets outside Europe, launching operations in the Middle East and Latin America. As in Europe, the company operated in these new markets as a following reinsurer in the property insurance sector.
Deutsche Rück also focused on local and regional primary insurers in these new markets.
Doha city center in Qatar at sunset
Strong Demand
As it turned out, the name “Deutsche Rück” was well regarded among primary insurers in the new regions. In Latin America in particular, clients valued the fact that, through its shareholders, the reinsurer formed part of Germany’s Savings Banks organisation.
Being part of the German Savings Banks Finance Group helped Deutsche Rück open doors to new clients.
Clients even offered Deutsche Rück more business than it was prepared to underwrite. Even with this step in its international expansion, the company adhered to its proven principle: to underwrite only business it genuinely understood and could support with its own internally generated capital.
The Move into Asia
In 2023, the company expanded into South, South-East and East Asia – again as a provider of following capacity in property insurance. Here, too, Deutsche Rück focused on local and regional primary insurers.
With its strong economic growth and relatively low insurance penetration, Asia offered opportunities for profitable expansion and further geographical diversification of the portfolio.
Buddha Tooth Relic Temple, Singapore
Life and Health Reinsurance in the Middle East and North Africa
In 2024, Deutsche Rück also broke new ground in the field of life and health reinsurance. This expansion also pursued a clear strategic objective – namely to diversify the portfolio, which had traditionally been heavily focused on property insurance. Until then, Deutsche Rück had only been active in Germany and Austria in this area.
The company then expanded beyond borders. Its primary focus was on the Arab states of the Gulf Cooperation Council.
The selected target markets also included the Maghreb states of Morocco, Algeria and Tunisia. The Deutsche Rück Group remained true to its principles and positioned itself exclusively as a following reinsurer.
Square at the entrance to the Dubai Mall
Sunset over the city of Tangier, Morocco
Gross premiums written in € billion
Active in More Than 80 Countries Worldwide
Today, Deutsche Rück and its subsidiary DR Swiss operate in around 80 countries worldwide. The strong expansion of the international business has contributed in recent years to above-average – often double-digit – growth in premium income.
In the 2021 financial year, Deutsche Rück surpassed the one-billion-euro mark with premium growth of almost 14 percent. In 2023, the company even recorded growth of more than 23 percent.