Munich Re's American Modern Names Kleiner CEO, Replacing Riosby
Kleiner will start May 1 and relocate to the Cincinnati area
Company is exiting from lender-placed insurance business
Munich Re named Andreas Kleiner to lead American Modern Insurance Group, the U.S. unit that is reshaping its business mix after the departure of its previous chief executive officer.
Kleiner is joining from Munich Re’s Ergo International subsidiary, where he has been a member of the board of management since 2007 and had responsibility for primary coverage in locations including India, Vietnam, Singapore, Turkey and Greece, American Modern said in a statement Tuesday. He is moving to the Cincinnati area and starts in his new role May 1. He replaces Manny Rios, who left in August and was appointed last month to lead the South African insurer Telesure.
American Modern insures more than 1.7 million policyholders, protecting manufactured homes, boats, classic cars and motorcycles. The company said last month that it is retreating from the lender-placed insurance business, which provides protection to mortgage lenders on U.S. homes where borrowers have lapsed on premiums. Kleiner, who will help wind down that business, joined Munich Re as a fire engineer in 1993 and held a post in Asia and ran an Africa reinsurance operation before taking the Ergo role.
“In the 23 years that he has been with Munich Re, Andreas has made a significant positive impact at each unit he has headed – whether in Singapore, Johannesburg, or Dusseldorf,” Peter Roeder, a member of Munich Re’s board of management for North America, said in the statement. “Andreas will continue this outstanding leadership with American Modern.”