Munich Re Specialty expects to begin underwriting primary commercial insurance in the Spanish market next year, adding to the carrier’s existing operations in the UK, Ireland and Germany. To achieve this, it has set up a Spanish branch of Munich Re Risk Solutions Ireland Limited which holds regulatory approval to passport into Spain.

The office will be located in Madrid and Gianluca Piscopo has been appointed as country manager. Miguel Peces has been named as head of underwriting for the branch.

Silvi Wompa Sinclair, CEO at Munich Re Specialty - Global Markets, Europe, said: “The insurance market in Spain is vibrant, innovative and high performing, filled with dedicated risk professionals. For these reasons, the country is an excellent launchpad for Munich Re Specialty to prove the value of its European expansion strategy.”