Hannover Re appoints Thorsten Steinmann to the Executive Board to succeed Michael Pickel, who will retire

  • Thorsten Steinmann to join on 1 September 2024
  • Dr. Michael Pickel to retire on 31 December 2024

Hannover, 18 March 2024: The Supervisory Boards of Hannover Rück SE and E+S Rückversicherung AG have appointed Thorsten Steinmann (51) as a member of the Executive Board of Hannover Re and E+S Rück effective 1 September 2024.

He will succeed Michael Pickel (63), who will retire on 31 December 2024 after 25 successful years at Hannover Re.

Thorsten Steinmann 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. Following a transition period, he will head E+S Rück, the Hannover Re subsidiary responsible for the Group's German business, as Chief Executive Officer effective 1 January 2025, and will be responsible for yet to be determined markets in continental Europe at Hannover Re.

“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,” said Torsten Leue, Chairman of the Supervisory Board of Hannover Re and E+S Rück. “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.”

“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,” said Jean-Jacques Henchoz, Chief Executive Officer of Hannover Re. “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.”

Thorsten Steinmann has 30 years of experience in the insurance and reinsurance industry. He joined Swiss Re in 2006 as part of the integration of GE Insurance Solutions. After holding various international leadership positions at Swiss Re, he was given responsibility for Swiss Re's reinsurance business Northern, Central and Eastern Europe in 2023 and was also appointed head of Swiss Re’s German branch in the same year.

Michael 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 had 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. He also has global responsibility for Run-Off Solutions and Agricultural Risks at Hannover Re. Michael Pickel was appointed Chief Executive Officer of E+S Rück in 2019.

Hannover Re is one of the world’s leading reinsurers. It transacts all lines of property & casualty and life & health reinsurance and is present worldwide with more than 3,500 staff. German business of the Hannover Re Group is written by the subsidiary E+S Rück. Established in 1966, Hannover Re is recognised as a reliable partner for innovative risk solutions, exceptional customer intimacy and financial soundness. The rating agencies most relevant to the insurance industry have awarded both Hannover Re and E+S Rück outstanding financial strength ratings: Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior".

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