German industry-wide pension fund Metallrente has expanded its insurance companies consortium by adding Versicherungskammer Bayern - VKB.
Insurers Allianz, Ergo, R + V and Swiss Life are also part of the group.
MetallRente provides disability and incapacity pension products to employees as part of their company pension scheme and other private offers.
Public insurer VKB has generated premium income totalling €8.7bn in 2019. It operates in Bavaria, the Palatinate, Saarland, Berlin and Brandenburg.
“The consulting expertise of our new partner will help us supply additional provisions to protect the workers even more widely, ” said Heribert Karch, managing director at MetallRente.
Karch is convinced that additional state benefits in the case of a reduction of earning capacity and providing security for disabilities “are more important than ever”.
He added: “The cooperation with insurance companies has always been part of our philosophy, in order to broadly diversify possible risks and to make our offers available to many companies and employees.”
MetallRente, which was founded in 2001 as a joint institution between the two social partners Gesamtmetall and IG Metall, offers company and private pensions.
Members in the steel, wood and plastics, as well as textile and clothing industries, plus IT and metal and electronics sectors, have joined MetallRente after the conclusion of collective wage agreements.
VKB, a regional insurer, will start consulting services in January 2021, said Klaus G. Leyh, management board member at the firm.
“With our multi-channel sales, we are well positioned to persuade customers with the MetallRente offer for workers’ protection,” Leyh explained.
Robert Heene, board member at VKB, responsible for life insurance, added that VKB fits in MetallRente’s consortium for its expertise on disability and workers insurance.
Swiss Life Germany, which leads the consortium of insurers for MetallRente in the segment of workers protection, welcomed VBK as a new partner.
“We can reach even more employees in the industries covered by MetallRente with the necessary financial protection against incapacity for work, employment and protection of basic skills, ” CEO Jörg Arnold said.