Roland Vogel, the Chief Financial Officer (CFO) of German reinsurance giant Hannover Re, is retiring from the company on September 30th, 2020 after more than three decades of service to the firm, and will be succeeded by Clemens Jungsthöfel, the current CFO of HDI Global SE.
During his long and distinguished career with Hannover Re, Vogel successfully navigated the Group through the 2008 global financial crisis and prepared the reinsurer for Solvency II, playing a vital role in enhancing the value and reputation of the company for all stakeholders.
His expertise will be at Hannover Re’s disposal in an advisory capacity and in the interest of Hannover Re he will continue to serve as a member of the Supervisory Board or Advisory Board at certain firms.
Torsten Leue, Chairman of the Supervisory Boards of Hannover Re, commented on Vogel’s departure: “On behalf of the Supervisory Boards of Hannover Re and E+S Rückversicherung I would like to thank Roland Vogel most sincerely for his commendable achievements.
“He deserves our special recognition for his extremely valuable contribution to the successful development of the Hannover Re Group over the past 11 years as Chief Financial Officer and to the exceptionally positive performance of the Hannover Re share.”
Jean-Jacques Henchoz, Chief Executive Officer (CEO) of Hannover Re, added: “I would like to express my considerable gratitude to Roland Vogel for his outstanding and very successful work for our Group. With his expertise, his obliging manner and his humanity, he has made an extremely positive value contribution to Hannover Re. I would also like to thank Roland Vogel for the support that he has given me since I took on the role of CEO.”
Vogel’s successor, Jungsthöfel has served on the Executive Board of HDI Global SE since May of 2018 and has responsibility for the areas of controlling, risk management, corporate development, and passive reinsurance.
Jungsthöfel has extensive experience in both finance and insurance, having previously worked as a partner with KPMG where he was responsible for auditing and advising insurance undertakings. While at KPMG, the focus of his work was on internationally operating insurers including industrial line and specialty insurers and reinsurers.
“I know Clemens Jungsthöfel very well from numerous conversations that we have had. With his extensive experience in finance and his cultural awareness he is an excellent fit for Hannover Re. I am greatly looking forward to working with him,” said Henchoz.
Leue added: “Clemens Jungsthöfel is a very experienced, well-versed and respected finance expert. I am delighted to have recruited him for the MDAX-listed Hannover Rück SE and I wish him every success in his new role.”
This news comes soon after the reinsurer announced its results for the first-half of the year, in which it reported a 39.3% decline in net income as the company set aside additional reserves of €380 million for estimated losses associated with the COVID-19 pandemic.