Munich Re has published a book detailing its humble beginnings in 1880 and its journey towards becoming a global powerhouse with a market capitalisation of €28 billion ($43.1 billion).

Co-authored by historians Johannes Bahr and Christopher Kopper, the book also includes an insight into the German reinsurer’s indirect involvement in the “robbing” of Jewish clients during Nazi rule.

“An essential part of taking an honest look at our own history is an appraisal of the institutional and personal entanglements of representatives of the company in this period of such terrible injustice,” CEO Nikolaus von Bomhard said.

The two historians conclude Munich Re “did not participate directly in the robbing of Jewish policyholders and dealings with the SS [but] it did play an indirect role as a reinsurer”.

The book traces the company’s history from 1880-1980, beginning with just four employees and facing many challenges along the way, including the two world wars.

“Not only did the wars challenge the company, currency turbulences, economic crises and hyperinflation resulting in part from those wars also had to be overcome,” Munich Re says.

“In addition, over decades, the history of Munich Re was intertwined with that of Allianz and other primary insurers.”

The German edition of Munich Re: Die Geschichte der Münchener Rück 1880-1980 was released last week. An English version will follow next year.