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Tokio Millennium Re A.G. is making several management changes, including the appointment of deputy CEO Stephan Ruoff to the position of CEO, replacing Tatsuhiko Hoshina, who was appointed vice chairman, the company said in a statement.
Ian Brimecome has been appointed chairman of the board, effective immediately, according to Wednesday’s statement.
The rest of the appointments become effective April 1, 2015.
Mr. Ruoff, who is also chief underwriting officer and head of Europe, will retain these roles as he takes overall leadership of the company.
Additionally, Kiichiro (Ken) Hatakeyama, chief operating officer, will relocate from Zurich, Switzerland to the newly established U.S. branch in Stamford, Connecticut, to continue in his position of COO and assume the role of head of U.S., the statement said
“Mr. Ruoff’s promotion to CEO presents an excellent opportunity for TMR AG’s future. His broad international experience and proven track record in reinsurance will undoubtedly facilitate the delivery of our strategic priorities,” said Mr. Brimecome in the statement.
“I look forward to assuming the CEO position. The solid foundation built by Mr. Hoshina has created a strong platform and an exceptional brand for TMR AG to expand upon in the coming years,” Mr. Ruoff said in the statement.
“Stephan is a very experienced reinsurance professional whom I have great confidence in to successfully expand TMR AG to its next level,” Mr. Hoshina said in the statement.
(Reuters) — Reinsurers are being squeezed by price competition and subdued demand from insurers for their products, and traditional mergers may not be enough to save those that lack either global reach or specialized focus.