Update: Sex party at Munich re !

A Munich Re unit has cancelled a trip to Monaco for top executives after details of a sex party in Budapest emerged and it became clear that the so-called incentive trips for sales execs have not been a single event.

Sex, Drugs and Rock`n Roll have ruled those trips to destinations such as Mallorca, Dubai, Kitzbühel and Seychelles, according to German tabloid Bild, which quoted sources who took part in the trips.

Bild published videos and photos showing sales agents snorting white powder at a company-sponsored party, prompting Ergo, the Munich re subsidiary who owns accident and life insurance provider Hamburg Mannheimer, to deny the substance was cocaine.

"The pictures published in Bild show a drinking game with salt, Tequila and lemon juice," the company said in a statement. Tequila and lemon are shown in the photographs alongside big lines of white powder.

Ergo has invited top executives to entertainment trips at least three times a year and the so called Top-5 Club was the equivalent of a “nothing is impossible” party, according to Bild. The company is not denying that these trips have taken place.

Last Thursday, details of an organized sex party in Budapest emerged, prompting Munich Re to admit it had hired 20 prostitutes.

The party for about 100 insurance agents was held at Budapest's historic Gellert spa back in 2007. 20 women where given arm bands and then escorted party attendees to bed, earning a stamp on their forearm to keep a running tally of their services.

The executives who signed off on the party left the company before the "single incident" was exposed, Munich Re said. The party was hosted for independent contractors who sold insurance products for Munich Re’s Ergo Insurance Group. Bild reported that the party has cost the company 3,000 euros ($4,200) per participant.

Now the company is canceling a forthcoming trip of the Top-5 Club to Monaco and the Formula 1 race. “Such a trip does not fit into the current environment”, an Ergo spokesperson said in a statement.
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