Former DARAG CEO Gossmann reappears as SOVAG restructures

Former DARAG CEO Arndt Gossmann and brokerage sales expert Gerd Meyer have resurfaced at composite insurer Schwarzmeer- und Ostseeversicherungs-AG (SOVAG) as the new members of its management board.

The two insurance managers have been tasked to restructure the Hamburg-based property and transport re/insurer, according to the statement.

Gossmann recently resigned as the executive board chairman and group CEO of DARAG, the European run-off insurance specialist, after heading up the business for eight years. Prior to that, he was the head of insurance restructuring at the auditing company KPMG and advised numerous insurers on restructuring.

Meyer returns to SOVAG after a brief break. He was a board member at SOVAG from August 2014 to September 2016. Prior to this, Meyer managed the liquidation process of Hamburger Versicherungs. He was also a member of the group management board of Gothaer Versicherung, responsible for sales.

SOVAG was founded by the Soviet Union in 1927 to secure the extensive trade relations between the former USSR and Western Europe.

In order to support the restructuring process, shareholders strengthened the capital base of SOVAG by an additional EUR 10 million in February 2017. As a result, SOVAG’s credit rating by AM Best stabilised and the company currently has a financial strength rating of B+ (good).

The company announced that the previous board members Michael Schade and Alexander Jessnitzer left the management board on April 30, 2017.

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