Hannover Re forms new specialty reinsurance unit

Hannover Re forms new specialty reinsurance unit | Insurance Business Canada

Reinsurance

Hannover Re forms new specialty reinsurance unit

Leader for consolidated unit also named

Reinsurance

By
Kenneth Araullo

Hannover Re has announced plans to merge its cyber and digital operations into a singular specialty reinsurance business unit in a bid to bolster its underwriting prowess.

Based in Hannover, the merged cyber and digital business unit will comprise a team of Hannover Re’s seasoned underwriters and specialists in cyber and digital risks. The team is set to work in tandem with the company’s global market units and regional offices.

The leadership of this newly formed cyber and digital business unit will be entrusted to Stefan Sperlich, who will serve as its managing director. Sperlich, a mathematics graduate, has been with Hannover Re since 2009, where he initially took on roles as a structured reinsurance underwriter, gradually assuming greater responsibilities, particularly in the North American region.

Since 2019, he has spearheaded the structured reinsurance business in North America and led the company’s digital business accelerator for property and casualty insurance. In his new role, Sperlich will report directly to Silke Sehm, member of Hannover Re’s executive board.

The consolidation is set to take effect on April 1, 2024. Hannover Re explained that by adopting a unified approach to managing cyber reinsurance portfolios, the company expects to achieve enhanced diversification, better manage accumulations and cycles, and amplify its capabilities in data analysis and cyber retrocession capacities.

“For insurtechs and many clients seeking cyber risk protection, we are already the trusted reinsurance partner. At the same time, Hannover Re’s underwriting approach with a focus on profitability and long-term partnership will provide us with balanced and profitable growth in this area,” Sehm said.

This planned consolidation also comes on the heels of a successful 2023 for Hannover Re, as the company reported a surge in its group net income for the fiscal year’s financials.

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