Hannover Re has introduced plans to merge its cyber and digital operations right into a singular specialty reinsurance enterprise unit in a bid to bolster its underwriting prowess.

Based mostly in Hannover, the merged cyber and digital enterprise unit will comprise a group of Hannover Re’s seasoned underwriters and specialists in cyber and digital dangers. The group is ready to work in tandem with the corporate’s international market models and regional workplaces.

The management of this newly fashioned cyber and digital enterprise unit will probably be entrusted to Stefan Sperlich, who will function its managing director. Sperlich, a arithmetic graduate, has been with Hannover Re since 2009, the place he initially took on roles as a structured reinsurance underwriter, progressively assuming larger tasks, notably within the North American area.

Since 2019, he has spearheaded the structured reinsurance enterprise in North America and led the corporate’s digital enterprise accelerator for property and casualty insurance coverage. In his new function, Sperlich will report on to Silke Sehm, member of Hannover Re’s government board.

The consolidation is ready to take impact on April 1, 2024. Hannover Re defined that by adopting a unified method to managing cyber reinsurance portfolios, the corporate expects to attain enhanced diversification, higher handle accumulations and cycles, and amplify its capabilities in information evaluation and cyber retrocession capacities.

“For insurtechs and many consumers in search of cyber danger safety, we’re already the trusted reinsurance accomplice. On the similar time, Hannover Re’s underwriting method with a concentrate on profitability and long-term partnership will present us with balanced and worthwhile progress on this space,” Sehm mentioned.

This deliberate consolidation additionally comes on the heels of a profitable 2023 for Hannover Re, as the corporate reported a surge in its group web earnings for the fiscal 12 months’s financials.

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