Hannover Re CFO Vogel to retire, Jungsthöfel takes reins

Hannover Re's chief financial officer (CFO) Roland Vogel is retiring after more than 30 years at the company. He is succeeded by Clemens Jungsthöfel, currently CFO of HDI Global.

Jungsthöfel has served on the executive board of HDI Global SE since May 2018 with responsibility for the areas of controlling, risk management, corporate development and passive reinsurance. He previously worked as a partner with the accounting and consulting firm KPMG with responsibility for auditing and advising insurance undertakings.

Vogel will step down from his positions on the executive boards of Hannover Re and E+S Rück effective September, 30, 2020. He will continue at Hannover Re in an advisory capacity and remain a member of the supervisory board or advisory board at certain companies.

In the course of his more than 30 years with Hannover Re, he is said to have manoeuvred the group through the 2008-2009 financial crisis and prepared it for Solvency II.

"On behalf of the Supervisory Boards of Hannover Re and E+S Rückversicherung I would like to thank Roland Vogel most sincerely for his commendable achievements," said Torsten Leue, chairman of the supervisory board of Hannover Re. "He deserves our special recognition for his extremely valuable contribution to the successful development of the Hannover Re Group over the past 11 years as Chief Financial Officer and to the exceptionally positive performance of the Hannover Re share."

"Clemens Jungsthöfel is a very experienced, well-versed and respected finance expert," Leue added. "I am delighted to have recruited him for the MDAX-listed Hannover Rück SE and I wish him every success in his new role."

Jean-Jacques Henchoz, chief executive officer of Hannover Re, said: "I would like to express my considerable gratitude to Roland Vogel for his outstanding and very successful work for our Group. With his expertise, his obliging manner and his humanity, he has made an extremely positive value contribution to Hannover Re. I would also like to thank Roland Vogel for the support that he has given me since I took on the role of CEO."

"I know Clemens Jungsthöfel very well from numerous conversations that we have had," Henchoz added. "With his extensive experience in finance and his cultural awareness he is an excellent fit for Hannover Re. I am greatly looking forward to working with him."