Korean Re Switzerland appoints Eugster to Board, Lee to take over as Chairman

Seoul-based Korean Reinsurance Company’s subsidiary, Korean Reinsurance Switzerland AG (KRSA), has appointed Markus A. Eugster as an independent member of the Board of Directors, succeeding Reinhard Thoennissen, who has decided to step down.

The appointment is effective July 1st, 2025 and aligns with the company’s long-term succession planning. Eugster has been elected to his new role by the Company’s sole shareholder, Korean Reinsurance Company in Seoul and has already been approved by the Swiss regulator, FINMA.

From 1992 to 2019, Thoennissen held several senior management positions at Allianz, including Chief Underwriting Officer of Allianz Re.

Since 2019, he has worked as a reinsurance consultant and has played a key role in supporting KRSA’s growth.

Eugster brings three decades of industry experience to the Board. He served as Chief Executive Officer (CEO) of Korean Re Switzerland AG from 2019 until July 2024. He has since then supported Korean Re in an advisory capacity.

Yung-heub Song, Chairman, Board of Directors, Korean Reinsurance Switzerland AG, commented, “I am glad to announce this important change to our board and look forward to the trustful and continued collaboration with Mr. Eugster in his new role, while I am grateful for Mr. Thoennissen’s long-standing support of KRSA.”

Additionally, in line with the regular leadership rotation policy in South Korea, Yung-heub Song will step down from his role effective July 1st, 2025. The company has proposed that Jaemoon Lee take over as the Chairman of KRSA.

Lee was elected by the sole shareholder, Korean Reinsurance Company in Seoul; however, his appointment remains subject to regulatory approval.

He has played a pivotal role in Korean Re’s development over the last 25 years, particularly within the Marine Team and the Strategic Planning Office. He will continue to work closely with Michael Hinz, CEO, to support the company’s future development.

The company stated, “We would like to express our sincere appreciation to Thoennissen for his valuable contributions, support and guidance. We thank Thoennissen for his dedication and service and warmly welcome Eugster to the Board as we look forward to the next phase of our journey.”

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