Hannover Re announced that Chief Executive Officer Jean-Jacques Henchoz (60) is stepping down and will be replaced by the current chief financial officer, Clemens Jungsthöfel (54).

Henchoz has decided not to extend his expiring contract at his own request and will leave the company’s Executive Board on March 31, 2025. Jungsthöfel will take over as CEO on April 1, 2025. Christian Hermelingmeier (43), currently CFO of HDI Global SE, will succeed Jungsthöfel as CFO on the same date.

“My time leading Hannover Re has been very fulfilling, both professionally and personally,” said Henchoz.

“Together with a great team, we have succeeded in further developing Hannover Re and increasing its profitability. I would like to thank everyone who contributed to this success for their great commitment. My thanks also go to the Supervisory Board for their trusting cooperation,” he added.

“The aim of my next professional chapter is to contribute with my experience in non-executive and advisory roles. Until the end of March, I will continue to dedicate myself fully to my duties as chief executive officer of Hannover Re and ensure an orderly handover to Clemens Jungsthöfel, whom I see as the perfect choice for my succession. I wish Clemens all the best for his new role.”

“We very much regret Jean-Jacques Henchoz’ decision,” said Torsten Leue, chairman of the Supervisory Board of Hannover Re. “He has made important transformational changes and strategic decisions with extraordinary commitment and great foresight that have strengthened the company’s long-term position.”

Henchoz led the company very successfully since 2019 through a turbulent market environment, the reinsurer said, noting that Hannover Re’s market capitalization has almost doubled to about €29 billion during these years and its return on equity has averaged 14.7 percent over the past six years.

Jungsthöfel has proven his exceptional expertise in recent years as CFO of Hannover Re and the corporate and specialty insurer HDI Global as well as a partner at auditing and consulting firm KPMG, where he exclusively advised primary insurance and reinsurance companies. In a challenging market environment, he made a significant contribution to the strategic direction of Hannover Re, its strong financials and earnings as well as its resilience. He is an auditor, tax consultant and qualified insurance agent.

His successor, 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. Hermelingmeier made a significant contribution to the profitable growth of HDI Global and its strategic international orientation, Hannover Re said.

During his time as CFO at HDI Global, the international share of the corporate and specialty insurer’s business rose from 50 percent to 75 percent of premiums. Hermelingmeier was previously head of Controlling for Talanx Group’s Private and Corporate Insurance Germany division. He holds a doctorate in business mathematics and is also a trained actuary.

Source: Hannover Re