Hannover Re announces CEO succession plan

Hannover Re said Friday that CEO Jean-Jacques Henchoz will leave its executive board on March 31 and be succeeded as CEO the following day by chief financial officer Clemens Jungsthöfel.

Christian Hermelingmeier, chief financial officer of HDI Global SE, will succeed Mr. Jungsthöfel as CFO of Hannover Re on April 1, the company said in a statement.

Mr. Henchoz “will remain closely associated with the company,” the statement added.

He has led Hannover Re since 2019, during which time its market capitalization has nearly doubled to approximately €29 billion, and over the past six years the return on equity has averaged 14.7%, the statement said.

Mr. Hermelingmeier has been CFO at corporate and specialty insurer HDI Global since September 2020. He is also chairman of the board of directors of HDI Reinsurance Ireland SE, according to the Hannover statement.

In a separate statement, HDI Global SE said Great Lakes Insurance SE executive Stefan Pasternak will succeed Mr. Hermelingmeier as CFO on April 1.

Mr. Pasternak is currently CFO at Great Lakes, a Munich Re subsidiary.