Munich Re Specialty is entering the Italian primary specialty insurance market, its fifth European country launch in as many years, with first risks expected to be underwritten in early 2027.
The Italian operation will launch with Construction & Engineering, Property, and Surety insurance from day one. That marks a shift from the reinsurer's two most recent market entries. Germany's April 2025 launch began with Construction & Engineering, Property, and Renewable Energy, with surety only added as a subsequent expansion alongside Spain. Leading with surety in Italy suggests Munich Re Specialty now sees stronger immediate demand for that line than for renewable energy in a new market, at least in Italy's case.
Saverio Longo has been appointed managing director for Italy. He joins after more than 20 years in the Italian commercial insurance market, most recently as country manager at Zurich Global Corporate/Commercial Insurance and, before that, at AXA XL Italy. Gian Luca Migliorini joins as head of underwriting for Italy.
As with Spain's 2025 entry, the Italian operation will run through the existing Italian branch of Great Lakes Insurance SE, Munich Re's fully owned primary insurer, with Milan chosen as headquarters and new roles to be created locally. Longo will join Munich Re Specialty's European executive team under Silvi Wompa Sinclair, chief executive officer of Global Markets, Europe.
Wompa Sinclair credited three years of "close broker partnerships and purposefully placing underwriting talent" for the pace of the wider European rollout, calling Italy's demand for surety, property, and construction cover a natural next step for the business.
