Insurer's Plan

Ergo Sums Up New Strategy

Markus Riess the new ceo of ergo Thomas Einberger for HB1
Mr. Riess pieces together how Ergo will look in the future.
  • Why it matters

    Why it matters

    Markus Riess, the new chief executive of insurer Ergo has developed a new strategy to expand abroad and digitize the business.

  • Facts

    Facts

    • Mr. Riess was in contention for the top job at rival Allianz last year, but after losing out in the competition, the ambitious executive quickly moved to Ergo, which is a subsidiary of Munich Re.
    • A document released to Ergo’s 43,000 employees details a wide range of changes the new CEO plans, but he is not expected to announce them publicly until spring.
    • His report cites five areas ranging from increased marketing efforts to prospecting for new business in foreign markets, especially China and India.
  • Audio

    Audio

  • Pdf

 

After less than three months in his new job as chief executive officer of the Düsseldorf-based insurance company Ergo, Markus Riess has announced internally how he plans to whip the firm into shape.

It’s no easy task. Over the last quarter, the subsidiary of reinsurance giant Munich Re announced a decline in operating results, largely because of problems with its life insurance segment. Meanwhile, the company created by the merger of several individual insurance firms is still struggling with differences in its entrepreneurial culture.

But Mr. Riess, 49, is an ambitious mover and shaker and will pursue his goals at a brisk pace.

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