Tokio Millennium Re replaces CEO amid reshuffle

Tokio Millennium Re is to reshuffle its executive management in a change that will see Tatsuhiko Hoshina, its chief executive, step aside and take the role of vice chairman in April 2015.

Amid the restructure, Stephan Ruoff, deputy CEO, chief underwriting officer and head of Europe, will become CEO of the company. He will continue his responsibilities as head of Europe.

Kiichiro Hatakeyama, chief operating officer (COO) will relocate from Zurich to the newly established US branch in Stamford, Connecticut to continue in the position of COO and to assume the role of head of US, effective 1 April 2015.

Ian Brimecome has been appointed chairman of the board of directors of Tokio Millennium Re.

Brimecome said: “The board of directors would like to extend its sincere gratitude and appreciation for the pivotal role Mr. Hoshina has played in the establishment of TMR AG and his leadership in the company’s global expansion. We look forward to Mr. Hoshina’s continued guidance and contributions to the company’s business in his new role as vice chairman, as well as his contribution to Tokio Marine Group’s strategic initiatives.

“Mr. Ruoff’s promotion to CEO presents an excellent opportunity for TMR AG’s future. His broad international experience and proven track record in reinsurance will undoubtedly facilitate the delivery of our strategic priorities.”

Hoshina added: “I have been with the company since its establishment in 2000, and led the company from 2006. The company grew from a $125 million Bermuda property-cat reinsurer in 2000 to a $1.2 billion global, multi-line reinsurer today with offices in Zurich, Bermuda, Sydney and Stamford (US), alongside a separately managed sister company in London. It is time for the next generation to build upon our success.”

Ruoff said: “I look forward to assuming the CEO position. The solid foundation built by Mr. Hoshina has created a strong platform and an exceptional brand for TMR AG to expand upon in the coming years. Moving forward with a clear strategic plan in place, our goals are continued diversification and building stronger relationships with our client base. We will also further leverage our outstanding knowledge and reputation in the convergence space of traditional reinsurance and capital markets through the products offered by our subsidiary, Tokio Solution Management.

“Excellence in our operational platform in terms of capital deployment, talent development and group alignment will enable us to achieve these goals.”