Hannover Re combines cyber and digital in new specialty unit
Hannover Re will combine its global cyber and digital business in a move that it said will further strengthen its underwriting expertise by creating a new specialty reinsurance business unit.
Effective 1 April 2024, the Germany-based reinsurance group said the new business unit will enhance its position with insurtechs and customers seeking coverage for cyber risks both in treaty and facultative reinsurance.
Hannover Re, part of the Talanx group and sister company to HDI Global, said that reinsurance coverage of cyber business in particular benefits from a centralised approach on a portfolio-level with regards to diversification, accumulation and cycle management. It said that the move will also allow it to expand its data and analytics capabilities and scale its cyber retrocession capacities.
“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,” said Silke Sehm, member of Hannover Re’s executive board.
“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.”
Stefan Sperlich will head the new cyber and digital business unit as managing director. Since 2019, Sperlich has led the group’s North American structured reinsurance business. In addition, he formed and headed Hannover Re’s digital business accelerator for property and casualty business. Sperlich will report to Sehm.
The new unit will be located in Hannover and closely cooperate with the global market units and local offices to support business generation and client management, said the reinsurer.
