3 March 2017Insurance

Gossmann steps down as group CEO of DARAG

European run-off insurance company DARAG has announced that group CEO Arndt Gossmann, who has headed up the business for eight years, has stepped down with immediate effect.

The company said that Gossmann will remain an advisor to it through the transition period to ensure an orderly and effective handover.

DARAG now has a new senior leadership team headed by group CFO Simon Minshall, group chief liability officer Zsolt Szalkai, and group COO Tim Braasch, who make up DARAG’s new executive committee. According to DARAG, the new management structure gives the group a desired level of agility in the rapidly changing insurance landscape.

Chairman Claus Stenbaek said: "Arndt has been a tremendous steward for DARAG for the last eight years. On behalf of the entire DARAG Group, I want to thank Arndt for the valuable contributions he has made to the company’s success to date. Given the booming market potential, DARAG’s excellent positioning, reputation and track record, this is the right time to transition to new leadership for the next chapter of growth."

Gossmann said: "Eight years ago, I took the helm at DARAG because I believed in the opportunity to capitalise on a paradigm shift in the insurance industry. After expanding DARAG’s business over the course of 23 transactions in 13 different countries, it is the right time for me to step back and let the new management team lead the next phase of DARAG’s development. I am proud of what we have achieved and feel confident that DARAG is poised for even greater success as it enters its next growth phase."

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More on this story

14 November 2016   European run-off insurance specialist DARAG is close to completing its acquisition of ERGO Assicurazioni following the deal being authorised by the Italian insurance regulator Istituto per la Vigilanza sulle Assicurazioni IVASS) on Friday, November 11.
12 May 2017   Former DARAG CEO Arndt Gossmann and brokerage sales expert Gerd Meyer have resurfaced at composite insurer Schwarzmeer- und Ostseeversicherungs-AG (SOVAG) as the new members of its management board.