Swiss Re veteran to take up top role at Hannover Re succeeding Pickel
German reinsurer Hannover Re has tapped a seasoned executive from Swiss Re to join its executive board and assume the role of CEO of E+S Rück from January 2025. Thorsten Steinmann will take over from Michael Pickel, who is retiring at the end of the year after 25 years with the company.
Steinmann will join the executive board of Hannover Re and E+S Rück on September 1, 2024. Pickel will retire on December 31.
After a transition period, Steinmann will assume the role of chief executive officer of E+S Rück, Hannover Re's subsidiary overseeing the group's German business, effective January 1, 2025. Additionally, he will take on responsibilities for Hannover Re's Continental European market, which are yet to be determined by the company.
Steinmann joins from Swiss Re, where he was most recently responsible for the reinsurance business in Germany, the Nordics, Austria, Central and Eastern Europe, the Netherlands, and Switzerland.
He has 30 years of experience in the re/insurance industry. He joined Swiss Re in 2006 as part of the integration of GE Insurance Solutions. After holding various international leadership positions at Swiss Re, he was given responsibility for Swiss Re's reinsurance business Northern, Central and Eastern Europe in 2023 and was also appointed head of Swiss Re’s German branch in the same year.
“In Thorsten Steinmann, we have been able to appoint an accomplished executive with a highly successful track record in both the insurance and reinsurance industry. I wish him every success in his new role,” said Torsten Leue, chairman of the supervisory board of Hannover Re and E+S Rück.
“Thorsten Steinmann is a strong successor to Michael Pickel, who has contributed to the success of both Hannover Re and E+S Rück with great leadership and outstanding dedication over more than two decades. On behalf of both Supervisory Boards, I would like to express my sincere thanks to Michael Pickel.”
Jean-Jacques Henchoz, chief executive officer of Hannover Re, added: “I am delighted to welcome Thorsten Steinmann to the Hannover Re Group. He is a highly experienced professional with extensive reinsurance expertise in Europe and beyond and is recognised for his skills in risk and capital management as well as property and casualty underwriting.
Pickel has been with Hannover Re and E+S Rück since 2000 when he joined the executive boards of both companies from Gerling Globale Rückversicherungs-AG in Cologne, Germany. Since then, he had held numerous responsibilities at Hannover Re’s and E+S Rück’s executive boards. Currently, he is in charge of Germany, Switzerland, Austria and Italy as well as Latin America, the Iberian Peninsula and the Middle East as well as of Group Legal Services. He also has global responsibility for run-off solutions and agricultural risks at Hannover Re. Pickel was appointed CEO of E+S Rück in 2019.
Henchoz said: “I would like to express my sincere gratitude to Michael Pickel for his passion and dedication during his many years of work at Hannover Re as well as E+S Rück. With his extensive expertise, he has played a central role in positioning Hannover Re and E+S Rück as a true partner to our clients.”
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