Hannover Re creates new specialty unit for cyber and digital underwriting
Reinsurer Hannover Re will combine its global business in the areas of cyber and digital to further strengthen its underwriting expertise by creating a new specialty reinsurance business unit.
Effective April 1 2024, the new business unit aims to boost further development and scaling of profitable business opportunities in cyber and digital, especially for insurtechs and clients seeking coverage for cyber risks both in treaty and facultative reinsurance.
The company believes that reinsurance coverage of cyber business benefits from a centralised approach on a portfolio-level with regards to diversification, accumulation and cycle management. The move will also allow Hannover Re to expand its data and analytics capabilities and scale its cyber retrocession capacities.
Stefan Sperlich will head the new cyber and digital business unit as managing director. He joined Hannover Re in 2009 as a structured reinsurance underwriter with different regional responsibilities over the past 15 years. Since 2019, he has been leading the North American structured reinsurance business. In addition, he formed and headed Hannover Re’s digital business accelerator for property and casualty business. Sperlich will report to Silke Sehm, responsible member at Hannover Re’s executive board.
The new unit will be based in Hannover and consists of experienced underwriters and experts in cyber and digital risks. It will work closely with the global market units and local offices to support business generation and client management.
“The creation of a dedicated cyber and digital business unit allows us to create consistency and the best possible capacity for our clients and business partners,” said Sehm. “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.”
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