Specialist European run-off insurer DARAG is losing its CEO, after Arndt Gossmann stepped down from the role as of the 28th February 2017.
Gossmann will remain with DARAG in an advisory capacity through a transition period.
DARAG specialises in legacy and run-off transactions, helping other insurers to transfer portfolios of legacy business to their own capital or to reinsurance capacity providers.
DARAG has implemented a new senior leadership team headed by Simon Minshall the Group CFO, Zsolt Szalkai the Group Chief Liability Officer and Tim Braasch the Group COO, who form an Executive Committee.
The run-off company hopes that the new structure will provide it with agility in the changing insurance and reinsurance landscape.
Chairman Claus Stenbaek commented; “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.”
Arndt Gossmann added; “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.”