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Restoring Munich Re

机译：恢复慕尼黑再

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Nikolaus von Bomhard is no stranger to adversity. When the 52-year-old reinsurance veteran became chief executive of Munich Reinsurance Co. in January 2004, the German company was reeling from a string of disasters - mostly man-made. Heavy investment exposure to equities and an ill-fated expansion in the U.S. had been hammering earnings since 2001, and the company was about to report a ∈434 million loss (then worth $536 million) for 2003 because of massive write-downs at HypoVereinsbank, the German bank in which it owned a 25.7 percent stake. Standard & Poor's had recently cut the reinsurer's credit rating by one notch, to A+, hiking the group's funding costs. And shareholders, peeved at Munich Re's tightfisted approach to distributing profits, had begun agitating for the sale of the group's primary insurance business, Ergo Insurance Group. To add insult to injury, Munich Re was on the verge of losing its long-standing perch as the world's biggest reinsurer to longtime rival Swiss Reinsurance Co., whose bold acquisitions and embrace of newfangled securitization techniques were winning favor from investors.
机译：Nikolaus von Bomhard对逆境并不陌生。当这位52岁的再保险老手于2004年1月成为慕尼黑再保险公司的首席执行官时，这家德国公司正遭受一系列灾难的打击，这些灾难大多是人为的。自2001年以来，对股票的大量投资和美国命运不佳的扩张一直在拖累收益，由于HypoVereinsbank的大量减记，该公司在2003年将亏损4.34亿先令（当时价值5.36亿美元），拥有25.7％股份的德国银行。标准普尔最近将再保险公司的信用评级下调了一个等级，至A +，从而提高了该集团的融资成本。受慕尼黑再保险公司（Munich Re）采取严格的利润分配方法之苦的股东们已经开始鼓动出售该集团的主要保险业务Ergo Insurance Group。更糟的是，慕尼黑再保险（Munich Re）濒临失去其作为全球最大再保险公司的长期地位，而被长期竞争对手瑞士再保险公司（Swiss Reinsurance Co.）所取代。瑞士再保险公司的大胆收购和采用新型证券化技术正赢得投资者的青睐。

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