Hannover Re will combine its global business in the areas of cyber and digital, creating a new specialty reinsurance business unit, effective April 1, 2024.
Hannover Re said the new business unit aims to enhance Hannover Re’s position as a trusted business partner for insurtechs and clients seeking coverage for cyber risks both in treaty and facultative reinsurance.
Reinsurance coverage of cyber business benefits from a centralized approach on a portfolio-level with regards to diversification, accumulation and cycle management, the company explained.
The move will also allow Hannover Re to expand its data and analytics capabilities and scale its cyber retrocession capacities.
“The creation of a dedicated cyber and digital business unit allows us to create consistency and the best possible capacity for our clients and business partners,” said Silke Sehm, member of Hannover Re’s Executive Board. “For insurtechs and many clients seeking cyber risk protection, we are already the trusted reinsurance partner. At the same time, Hannover Re’s underwriting approach with a focus on profitability and long-term partnership will provide us with balanced and profitable growth in this area.”
Stefan Sperlich will head the new cyber and digital business unit as managing director. He studied mathematics and joined Hannover Re in 2009 as a structured reinsurance underwriter with different regional responsibilities over the past 15 years. Since 2019, he has been leading the North American structured reinsurance business. In addition, he formed and headed Hannover Re’s digital business accelerator for property and casualty business.
Sperlich will report to Sehm, the responsible member at Hannover Re’s Executive Board.
The new unit will be located in Hannover and will be composed of Hannover Re’s highly experienced underwriters and experts in cyber and digital risks. The team will closely cooperate with the global market units and local offices to support business generation and client management.
Source: Hannover Re
Topics Cyber Underwriting Reinsurance
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