Hannover, 8 November 2024: Hannover Re Chief Executive Officer Jean-Jacques Henchoz (60) is not extending his expiring contract at his own request. He will leave the Executive Board of Hannover Re on 31 March 2025, but will remain closely associated with the company. His successor as of 1 April 2025 will be Chief Financial Officer Clemens Jungsthöfel (54). Christian Hermelingmeier (43), currently Chief Financial Officer of HDI Global SE, will succeed him as Chief Financial Officer of Hannover Re on the same date.
"My time leading Hannover Re has been very fulfilling, both professionally and personally," said Jean-Jacques Henchoz. "Together with a great team, we have succeeded in further developing Hannover Re and increasing its profitability. I would like to thank everyone who contributed to this success for their great commitment. My thanks also go to the Supervisory Board for their trusting cooperation. The aim of my next professional chapter is to contribute with my experience in non-executive and advisory roles. Until the end of March, I will continue to dedicate myself fully to my duties as Chief Executive Officer of Hannover Re and ensure an orderly handover to Clemens Jungsthöfel, whom I see as the perfect choice for my succession. I wish Clemens all the best for his new role."
"We very much regret Jean-Jacques Henchoz' decision," said Torsten Leue, Chairman of the Supervisory Board of Hannover Re. "He has made important transformational changes and strategic decisions with extraordinary commitment and great foresight that have strengthened the company’s long-term position. Under his leadership Hannover Re has further expanded its market position and its cost leadership. I would like to thank him, also on behalf of the Supervisory Board, and wish him all the best and every success in the next chapter of his career."
Jean-Jacques Henchoz has led Hannover Re very successfully since 2019 through a partially turbulent market environment. During this time, Hannover Re's market capitalisation has almost doubled to about EUR 29 billion thanks to strong, profitable growth. Over the past six years, the return on equity has averaged 14.7%.
"I am delighted that Clemens Jungsthöfel, a strong leader from our own ranks, has been selected,” said Torsten Leue. "He enjoys an excellent reputation among our customers and business partners, in the capital market and among our employees thanks to his strong proximity to the business and his outstanding industry expertise. I wish him every success in his new role. This also applies to Christian Hermelingmeier. He has impressively demonstrated his expertise and leadership quality on the Executive Board of HDI Global."
Clemens Jungsthöfel has proven his exceptional expertise in recent years as Chief Financial Officer of Hannover Re and the corporate and specialty insurer HDI Global as well as a partner at auditing and consulting firm KPMG, where he exclusively advised primary insurance and reinsurance companies. In a challenging market environment, he made a significant contribution to the strategic direction of Hannover Re, its strong financials and earnings as well as its resilience. He is an auditor, tax consultant and qualified insurance agent.
His successor, Christian Hermelingmeier, has been Chief Financial Officer at corporate & specialty insurer HDI Global since September 2020. He is also Chairman of the Board of Directors of HDI Reinsurance Ireland SE. Christian Hermelingmeier made a significant contribution to the profitable growth of HDI Global and its strategic international orientation. During his time as Chief Financial Officer, the international share of the corporate and specialty insurer's business rose from 50% to 75% of premiums. At the same time, the Group result increased significantly. Christian Hermelingmeier was previously Head of Controlling for Talanx Group's Private and Corporate Insurance Germany division. He holds a doctorate in business mathematics and is also a trained actuary.
Hannover Re is one of the world’s leading reinsurers. It transacts all lines of property & casualty and life & health reinsurance and is present worldwide with more than 3,500 staff. German business of the Hannover Re Group is written by the subsidiary E+S Rück. Established in 1966, Hannover Re is recognised as a reliable partner for innovative risk solutions, exceptional customer intimacy and financial soundness. The rating agencies most relevant to the insurance industry have awarded both Hannover Re and E+S Rück outstanding financial strength ratings: Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior".
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