Ex-Novae Re chief Gunther Saacke is set to step down as CEO and executive director in March.

Gunther Saacke has informed the board 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,” the firm said in a statement. 

Gunther started his career with Hannover Re. More recently he was Head of reinsurance at Endurance in London and served as founding Chief Executive and Chief Underwriting Officer of Novae Re, a multi-line reinsurance operation in the Lloyd’s market. 

Saacke 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. I wish Mike every success in his new role and am sure he will make a major contribution.” 

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 recognised 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.” 

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