Qatar Re’s Saacke to step down; van der Straaten takes reins
Qatar Re is seeking a new chief executive after Gunther Saacke revealed he will step down from the role at the company’s next board meeting, scheduled for March, and leave the company later this year.
Michael van der Straaten, chief underwriting officer for long tail and specialty classes, will be appointed as acting CEO while the company ponders funding a full-time replacement.
The company said it had accepted Saacke’s decision with regret.
Khalifa Al Subbay, Group CEO & President of Qatar Insurance Company (QIC), Qatar Re’s parent company, said: "On behalf of QIC, I would like to thank Gunther for his outstanding and significant contribution to Qatar Re. Under his strong strategic and operational leadership Qatar Re has developed into a formidable franchise, placed among the global Top 30, and is recognized as a modern and reliable reinsurer around the world.
“In the challenging environment of recent years Gunther has brought to bear his tremendous following in the market. He has been instrumental in building and inspiring our teams and has greatly supported the very substantial and dynamic development of our Group."
Gunther Saacke, CEO of Qatar Re, said: "I believe that this is an appropriate time for the Company to benefit from the perspectives of a new leader. I would like to express my appreciation to colleagues, customers and the many partners around the world with whom I have worked over the past six years.
“Qatar Re is a great company with outstanding prospects as a reliable force to be reckoned with in the ever-changing global market. While the market conditions remain challenging, I am confident that our talented, highly dedicated people, our promising pipeline and strong underwriting management will deliver significant value in the years ahead. I wish Mike every success in his new role and am sure he will make a major contribution."
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Allianz business Pimco enters P&C ILS market
New MGA launched specifically to cover wildfire and quake risk
Langhorne Re swoops for new CEO from rival
Brexit subsidiaries will drain business from London
Brexit transition remains a ‘huge challenge’ admits Lloyd’s
Claims severity, adverse reserve development are now hurting carriers
Ryan Specialty continues on the acquisition trail
US/China trade war and Brexit mean insurers must tighten contracts
Everest expects $695m nat cat loss from Q4 2018 Reshuffle at RSA as it refocuses commercial business Download our survey inforgraphic: 'The Impact of Automation on Commercial Lines'
