Jean-Jacques Henchoz, Chief Executive Officer (CEO) of large European reinsurer Hannover Re, has decided to leave the company and will be succeeded by Clemens Jungsthöfel, effective April 1st, 2025.
Henchoz, who has led the reinsurer since 2019, requested not to extend his expiring contract, and will leave the firm’s Executive Board on March 31st, 2025.
During his tenure, Hannover Re’s market capitalisation has almost doubled to around €29 billion, and over the past six years, the return on equity has averaged 14.7%.
“My time leading Hannover Re has been very fulfilling, both professionally and personally,” said Henchoz, who will remain closely associated with the company.
“Together with a great team, we have succeeded in further developing Hannover Re and increasing its profitability. I would like to thank everyone who contributed to this success for their great commitment. My thanks also go to the Supervisory Board for their trusting cooperation. The aim of my next professional chapter is to contribute with my experience in non-executive and advisory roles. Until the end of March, I will continue to dedicate myself fully to my duties as Chief Executive Officer of Hannover Re and ensure an orderly handover to Clemens Jungsthöfel, whom I see as the perfect choice for my succession. I wish Clemens all the best for his new role,” added Henchoz.
Jungsthöfel, currently Hannover Re’s Chief Financial Officer (CFO), will take over as CEO of Hannover Re from April of next year. Hannover Re states that he has “proven his exceptional expertise” in recent times as CFO of the reinsurer and the corporate and specialty insurer HDI Global, as well as a partner at auditing and consulting firm KPMG.
Taking over from Jungsthöfel as Hannover Re CFO is Christian Hermelingmeier, who has served as CFO of HDI Global SE since September 2020. Hermelingmeier is also Chairman of the Board of Directors of HDI Reinsurance Ireland SE. During his time as CFO of HDI Global SE, the international share of the insurer’s business rose from 50% to 75% of premiums, and the Group result increased significantly.
Torsten Leue, Chairman of the Supervisory Board of Hannover Re, commented: “We very much regret Jean-Jacques Henchoz’ decision. He has made important transformational changes and strategic decisions with extraordinary commitment and great foresight that have strengthened the company’s long-term position. Under his leadership Hannover Re has further expanded its market position and its cost leadership. I would like to thank him, also on behalf of the Supervisory Board, and wish him all the best and every success in the next chapter of his career.”
“I am delighted that Clemens Jungsthöfel, a strong leader from our own ranks, has been selected. He enjoys an excellent reputation among our customers and business partners, in the capital market and among our employees thanks to his strong proximity to the business and his outstanding industry expertise. I wish him every success in his new role. This also applies to Christian Hermelingmeier. He has impressively demonstrated his expertise and leadership quality on the Executive Board of HDI Global,” added Leue.
