Hannover Re CEO steps down, is replaced by Swiss Re's Henchoz

Hannover Re’s CEO Ulrich Wallin is stepping down and retiring in May 2019 after more than 35 years at the reinsurer. He will be replaced by Swiss Re’s Jean-Jacques Henchoz.

The supervisory board of Hannover Rück has appointed Henchoz as a member of the executive board with effect from April 1, 2019.

Since 2011, Henchoz has been in charge of the region Europe, Middle East and Africa (EMEA) at Swiss Re, with the responsibility for both the life and non-life business of Swiss Re in this region. In January 2012, he was appointed as a member of the executive committee of the Swiss Re Group in this capacity. He had previously served with Swiss Re in a number of different positions since 1998, including in the role of CEO of the subsidiary Swiss Re Canada in the period between 2005 and 2010.

"In Jean-Jacques Henchoz we have secured the services of a very seasoned reinsurance manager who will continue to drive the company's successful development," said Herbert Haas, chairman of the Hannover Re supervisory board.

Wallin became Hannover Re's chief executive officer and a member of the board of management of Hannover Re’s parent company Talanx in 2009. Under his leadership Hannover Re has grown its gross written premium from roughly €10.3 billion to around €17.8 billion and boosted its group net income from some €700 million to around €1 billion. Hannover Re's share price has more than quadrupled from €27 to €115, according to the company.

"We are profoundly grateful to Ulrich Wallin for his tremendous entrepreneurial achievements,” Haas said. “Under his expert and prudent direction Hannover Re has significantly expanded its market position as a leading reinsurer and further enhanced its diversification and sustained profitability.”

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