The Supervisory Boards of Hannover Rück SE and E+S Rückversicherung AG, the Hannover Re subsidiary responsible for the Group’s German business, have appointed Thorsten Steinmann as a member of the Executive Board, effective 1st September 2024.
Steinmann succeeds Michael Pickel who will retire on 31st December 2024 after 25 years at Hannover Re.
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 has 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. Pickel is also currently globally responsible for Run-Off Solutions and Agricultural Risks at Hannover Re.
Steinmann has more than three decades of re/insurance industry experience. He 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.
Steinmann joined Swiss Re in 2006 as part of the integration of GE Insurance Solutions. After holding various international leadership positions at the firm, he was responsible for Swiss Re’s reinsurance business Northern, Central and Eastern Europe in 2023. He was appointed Head of Swiss Re’s German branch the same year.
Following a transition period, Steinmann will lead E+S Rück as CEO effective 1st January 2025, and will be responsible for yet-to-be-determined markets in continental Europe at Hannover Re.
Torsten Leue, Chairman, Supervisory Board, Hannover Re and E+S Rück, commented, “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.
“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, CEO, Hannover Re, commented, “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.
“At the same time, 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.”
The new Board appointment comes as the reinsurer reports a strong set of results for 2023, with net income of €1.8 billion, up from €800 million in 2022.
