Hannover Re launches a new specialty reinsurance division

Hannover Re launches a new specialty reinsurance division

Global reinsurer Hannover Re has announced that it will merge its global business in cyber and digital areas, creating a new specialty reinsurance business unit effective from April 1, 2024. This move is aimed at enhancing Hannover Re’s position as a trusted business partner for insurtechs and clients seeking coverage for cyber risks in both treaty and facultative reinsurance. The company believes that a centralized approach at a portfolio level is beneficial for the reinsurance coverage of cyber business in terms of diversification, accumulation, and cycle management.

This consolidation will also enable Hannover Re to expand its data and analytics capabilities and scale its cyber retrocession capacities. Stefan Sperlich has been appointed as the Managing Director of the new cyber and digital business unit. Sperlich, who joined Hannover Re in 2009, has extensive experience in structured reinsurance underwriting and has held various regional responsibilities over the past 15 years. He has been leading the North American structured reinsurance business since 2019 and has also established and led Hannover Re’s digital business accelerator for property and casualty business.

Sperlich will report to Silke Sehm, a member of Hannover Re’s Executive Board, who stated that the creation of a dedicated cyber and digital business unit will allow the company to provide consistency and optimal capacity for its clients and business partners. The new unit, based in Hannover, will comprise experienced underwriters and experts in cyber and digital risks. It will work closely with global market units and local offices to support business generation and client management.

According to Hannover Re, the focus on profitability and long-term partnership in underwriting will lead to balanced and profitable growth in the cyber and digital business. The company aims to continue being a trusted reinsurance partner for insurtechs and clients seeking protection against cyber risks.

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