Insurer SOVAG has announced that its Supervisory Board has appointed Arndt Gossmann, who recently retired as Chief Executive Officer (CEO) of European run-off insurer DARAG, and Dr. Gerd Meyer as new Management Board members.
The appointments are limited until 2018, and both Gossmann and Dr. Meyer, two insurance industry experts, will be tasked with exploring new opportunities for rehabilitation at specialist insurer SOVAG.
Reinsurance News discussed the departure of Gossmann from run-off entity DARAG earlier this year, and alongside Dr. Meyer he will be tasked with the restructuring of SOVAG. Dr. Meyer returns to SOVAG after roughly a year away, and he actually served on the SOVAG Board between August 2014 and September 2016.
Furthermore, it’s been revealed that in an effort to support the restructuring of SOVAG, shareholders raised the firm’s capital base by €10 million in February, 2017, which resulted in the credit rating of SOVAG being stabilised by global rating agency A.M. Best, to B+ (good).
