Hannover Re is set to launch a specialty reinsurance business unit by integrating its global businesses focused on cyber and digital risks.
This move, which will come into effect from 1 April, aims to consolidate the company’s global cyber business, thereby bolstering its underwriting expertise.
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Through the new unit, the reinsurer aims to cement its position as a leading partner for insurtech companies and clients navigating the complex landscape of cyber threats.
Hannover Re’s new business unit is expected to benefit from a portfolio-level approach in terms of diversification, accumulation and cycle management.
The move is also designed to expand the company’s data and analytics capabilities and increase its cyber retrocession capacities.
Set to be based in Hannover, Germany, the new unit will comprise a team of underwriters and specialists in cyber and digital risks.
These professionals will work in tandem with global market units and local offices to drive business development and manage client relationships effectively.
Stefan Sperlich, whose career at Hannover Re started in 2009, will head the new unit as managing director.
He has headed the North American structured reinsurance business since 2019.
Additionally, Sperlich has been key in forming and leading Hannover Re’s digital business accelerator for property and casualty business.
In his new role, he will report to Hannover Re executive board member Silke Sehm.
Sehm added: “The creation of a dedicated cyber and digital business unit allows us to create consistency and the best possible capacity for our clients and business partners.
“For insurtechs and many clients seeking cyber risk protection, we are already the trusted reinsurance partner. At the same time, Hannover Re’s underwriting approach with a focus on profitability and long-term partnership will provide us with balanced and profitable growth in this area.”
In 2023, Hannover Re’s parent, Talanx, reported net income of €1.58bn ($1.71bn), a 123% increase from the previous year’s €706m.
