Munich Re has appointed Christoph Jurecka as its new chief financial officer (CFO), succeeding Jörg Schneider who is retiring on 31 December 2018.
Schneider has served on the Munich Re board for over 18 years and has been Munich Re’s CFO since 2001.
Jurecka has been the CFO of Munich Re’s primary insurance subsidiary ERGO Group since 2011.
He was appointed to the board of management of the ERGO Group in 2011. His responsibilities as ERGO’s CFO included strategic planning, risk management and financial communication.
The Munich Re supervisory board has also decided to reassign responsibilities on the board of management of Munich Re, meaning larger divisions, but no changes in the composition of the board. Units will be reallocated as part of the reorganisation.
The Special and Financial Risks division (SFR) will be disbanded. Those units of SFR that operate globally will be allocated to Global Clients/North America (GC/NA), while those units with a European operational focus will be assigned to Europe/Latin America (EU/LA). At the same time, responsibility for reinsurance business in Germany will be reallocated from the Germany, Asia-Pacific, Africa (GAPA) division to EU/LA, since they share the same regulatory environment and have similar business models.
The restructure of the divisions is intended to make the best use of business synergies, and also to simplify structures and processes. The business models of all the units affected will remain unchanged.
Peter Röder will continue to head the GC/NA division, which will be reinforced by the units formerly allocated to SFR. Doris Höpke will assume responsibility for the expanded EU/LA division. She will also still be labour relations director and remain in charge of human resources. Hermann Pohlchristoph will remain responsible for property-casualty reinsurance in Asia, Pacific and Africa.
The new divisional structures and responsibilities will take effect on 1 August 2018.