Gunther Saacke has informed the Board of Directors of Qatar Re of his intention to step down as Chief Executive Officer and Executive Director of the Company at the next Board meeting, scheduled for March. With regret, the Board of Directors has accepted his decision. Gunther Saacke will be leaving the Company later on in the year.
Michael van der Straaten, Chief Underwriting Officer for Long Tail and Specialty Classes, will be appointed as acting Chief Executive Officer.
Khalifa Al Subbay, Group CEO & President of Qatar Insurance Company (QIC), Qatar Re’s parent company, said, "On behalf of QIC, I would like to thank Gunther for his outstanding and significant contribution to Qatar Re. Under his strong strategic and operational leadership Qatar Re has developed into a formidable franchise, placed among the global Top 30, and is recognized as a modern and reliable reinsurer around the world. In the challenging environment of recent years Gunther has brought to bear his tremendous following in the market. He has been instrumental in building and inspiring our teams and has greatly supported the very substantial and dynamic development of our Group."
Gunther Saacke, Chief Executive Officer of Qatar Re, said, "I believe that this is an appropriate time for the Company to benefit from the perspectives of a new leader. I would like to express my appreciation to colleagues, customers and the many partners around the world with whom I have worked over the past 6 years. Qatar Re is a great company with outstanding prospects as a reliable force to be reckoned with in the ever changing global market. While the market conditions remain challenging, I am confident that our talented, highly dedicated people, our promising pipeline and strong underwriting management will deliver significant value in the years ahead. I wish Mike every success in his new role and am sure he will make a major contribution."
Qatar Re, licensed as a Class 4 Insurer by the Bermuda Monetary Authority, is a global multi-line reinsurer writing all major property, casualty and specialty lines of business. Qatar Re serves its clients through teams of seasoned underwriting and finance professionals combining in-depth technical and business expertise with industry experience across all markets. Through its headquarters in Bermuda, branch offices in Zurich, the Dubai International Financial Centre and London, Qatar Re is close to the world’s major reinsurance markets and the core operations of its clients. Qatar Re is backed by a parental guarantee from Qatar Insurance Company S.A.Q. (QIC) and benefits from QIC’s substantial and growing capital base. Qatar Re is rated “A/Stable” by S&P Global and “A (Excellent)” by A. M. Best.
For further information about Qatar Re, please visit their website at www.qatarreinsurance.com
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