German reinsurer Hannover Re announced it will combine its global business in the areas of cyber and digital to “further strengthen its underwriting expertise by creating a new specialty reinsurance business unit”.

Thus, effective 1 April 2024, the new business unit “will further enhance Hannover Re’s position as a trusted business partner for insurtechs and clients seeking coverage for cyber risks both in treaty and facultative reinsurance. Especially reinsurance coverage of cyber business benefits from a centralized approach on a portfolio-level with regards to diversification, accumulation and cycle management. The move will also allow Hannover Re to expand its data and analytics capabilities and scale its cyber retrocession capacities”.

Stefan SPERLICH will head the new cyber and digital business unit as Managing Director. He studied Mathematics and joined Hannover Re in 2009 as a structured reinsurance underwriter with different regional responsibilities over the past 15 years. Since 2019, he has been leading the North American structured reinsurance business. In addition, he formed and headed Hannover Re’s digital business accelerator for property and casualty business. Stefan Sperlich will report to Silke Sehm, responsible member at Hannover Re’s Executive Board.

The reinsurer said that the new unit will be located in Hannover and consists of Hannover Re’s highly experienced underwriters and experts in cyber and digital risks. The team will closely cooperate with the global market units and local offices to support business generation and client management.