Change at the top came as Hannover Re announced it had beaten its full-year earnings target; group net income rose to €1.8bn for 2023; reinsurance revenue climbed to €24.5bn; and a return on equity of 19% was “comfortably above minimum target”.
Hannover Re has announced a change on its board, as Michael Pickel will retire from its board after 25 years at the German reinsurer.
Pickel retires from the end of this year. His retirement creates a space on the executive board, which will be taken by Thorsten Steinmann, effective 1 September 2024.
Following a transition period, he will head E+S Rück, the Hannover Re subsidiary responsible for the group’s German business, as CEO, effective 1 January 2025.
Steinmann (pictured) joins from Swiss Re, where he led reinsurance business in Germany, Austria, Netherlands, Nordics, Switzerland and Central and Eastern Europe.
He joined Swiss Re in 2006 as part of the integration of GE Insurance Solutions.
At Hannover Re, Steinmann will also be responsible for “yet to be determined markets” in continental Europe, the company added.
Michael Pickel was appointed CEO of E+S Rück in 2019. He has been with Hannover Re and E+S Rück since 2000 when he joined the executive boards of both companies from Gerling Globale in Cologne, holding many executive board-level responsibilities since then.
Pickel currently leads Germany, Switzerland, Austria and Italy as well as Latin America, the Iberian Peninsula and the Middle East for the reinsurer, as well as group legal services, run-off solutions and agricultural risks.
The change at the top came as Hannover Re announced it had beaten its full-year earnings target.
Group net income rose to €1.8bn for 2023; reinsurance revenue climbed to €24.5bn; and a return on equity of 19% was “comfortably above minimum target”.
“In Thorsten Steinmann, we have been able to appoint an accomplished executive with a highly successful track record in both the insurance and reinsurance industry. I wish him every success in his new role,” said Torsten Leue, chairman of the supervisory board of Hannover Re and E+S Rück.
“Thorsten Steinmann is a strong successor to Michael Pickel, who has contributed to the success of both Hannover Re and E+S Rück with great leadership and outstanding dedication over more than two decades. On behalf of both Supervisory Boards, I would like to express my sincere thanks to Michael Pickel.”
“I am delighted to welcome Thorsten Steinmann to the Hannover Re Group,” said Jean-Jacques Henchoz, CEO, Hannover Re.
“He is a highly experienced professional with extensive reinsurance expertise in Europe and beyond and is recognised for his skills in risk and capital management as well as property and casualty underwriting,” said Henchoz.
“At the same time, I would like to express my sincere gratitude to Michael Pickel for his passion and dedication during his many years of work at Hannover Re as well as E+S Rück. With his extensive expertise, he has played a central role in positioning Hannover Re and E+S Rück as a true partner to our clients,” Henchoz added.
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