German-based maritime sector-focused insurance broker Junge & Co, a fully owned subsidiary of insurance and reinsurance brokerage Ed Broking Group, has named Olaf Fölsch as its new Chief Executive Officer (CEO).
Fölsch replaces Ulfert Paulsen, who has retired after spending more than 28 years with the firm. Previously Managing Director of Junge & Co, Fölsch brings almost twenty years of industry experience to the role.
Commenting on his new position, Fölsch said; “I am very pleased to succeed Ulfert as CEO of Junge & Co. His contribution to our business and its growth has been tremendous and I am looking forward to carrying on his legacy. The marine market is changing rapidly and we must evolve our proposition to ensure we continue to reflect clients’ requirements.
“We have an exceptional team at Junge & Co with vast experience across the marine market. Alongside our colleagues at Ed, we are ideally placed to challenge the status quo and increase our presence in our target markets.”
Fölsch joined the firm in 2015 from broker Aon, where he was Head of Specialty Marine in Germany. He also worked at TUI Insurance Services as General Manager and Head of Marine & Aviation.
CEO of Ed, Steve Hearn, added; “I would like to thank Ulfert for his service and significant contribution to Junge & Co and to wish him a happy retirement. I am delighted to announce Olaf’s appointment as CEO, he is the ideal candidate to realise our ambitions for the business.”