German insurer admits hosting sex party for its best salesmen

A PROSTITUTE-filled sex party was arranged to reward top salesmen at a subsidiary of the world’s biggest reinsurance company, Munich Re, the firm admitted yesterday.

Munich Re’s insurance arm Ergo said the party took place at the Gellert Baths thermal baths in Budapest, where 100 of its best salesmen were given free access to at least 20 prostitutes.

The party, in June 2007, was arranged by Hamburg-Mannheimer International, which is now part of Ergo and so the Munich Re group.

Details of the party, first reported in German newspaper Handelsblatt, cited former HMI employees saying the baths were turned into an “open-air brothel” for the “incentive trip”.

The women present wore colour-coded armbands in red, yellow and white, with red identifying them as purely hostesses; yellow bands indicating they were prostitutes and white bands meaning they were “reserved” for executives and the best agents.

Beds were set up for the salesmen and women to use, and after each encounter the women had their forearms stamped, the paper reported.

Ergo spokesman Alexander Becker told City A.M. the people responsible for the party were no longer with the firm and measures were put in place in 2007 to prevent such an event taking place again.