Hannover Re Group executive board member Wolf Becke will retiring after 20 years of serving on the board.
Becke joined Hannover Re in 1990, where he initially headed the life and health reinsurance division.
In 1992, Becke was appointed to the executive boards of Hannover Re and E+S Ruck. He is largely credited with positioning the company as a pioneer in the securitization of acquisition costs from life reinsurance contracts into capital markets.
The strategic expansion of the Hannover Re Group's life and health reinsurance portfolio is closely linked with Becke's name.
When he joined the company, this business accounted for just 6% or around €130 million ($168.8 million) of the total premium volume.
Today, life and health reinsurance plays a pivotal role in Hannover Re's success, delivering almost 45% of premium income or a volume of some €5.1 billion. It was also under his leadership that the attractive segment of enhanced annuities was launched in the U.K. This is now a key market in Hannover Re's life/health reinsurance business.
With effect from Jan. 1, the two members of the Executive Board, Claude Chevre and Klaus Miller, will be responsible for the life and health reinsurance business group.