Tokio Millennium RE AG has named a new CEO, promoting from within as part of a series of new executive and board appointments.
Stephan Ruoff will become chief executive officer of the reinsurance subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd. on April 1, 2015, subject to regulatory approval. He’ll be based in Zurich, Switzerland and travel frequently for work, the company said.
This is very much a case of promoting from inside the company. Right now, Ruoff is TMR AG’s deputy chief executive officer, chief underwriting officer and Head of Europe. Once he assumes the top spot at the TMR AG, Ruoff will continue his job as Head of Europe, and also keep “direct executive responsibility” for the company’s underwriting. Ruoff will be replacing Tatsuhiko Hoshina as CEO of TMR AG, who has been with the company since its launch in 2000 in Bermuda, and chief executive officer since 2006. But he’s not leaving. Rather, he’ll become Vice Chairman, Member of the Board, also as of April 1, 2015.
Ian Brimecome, the newly appointed chairman of TMR AG’s board of directors, credited Hoshina in a statement for successfully leading the company through its global expansion in recent years. At the same time, he said, Ruoff’s new role as CEO will help propel TMR AG to the next level.
“His broad international experience and proven track record in reinsurance will undoubtedly facilitate the delivery of our strategic priorities,” Brimecome said.
As part of the CEO announcement, Hoshina issued a statement touting his achievements in growing TMR AG “from a $125 million Bermuda property-cat reinsurer in 2000 to a $1.2 billion global, multi-line reinsurer today with offices in Zurich, Bermuda, Sydney and Stamford [Conn.], along side a separately managed sister company in London. It is time for the next generation to build on our success.”
Some of that expansion/success took place recently. Just in June, for example, TMR AG announced it would launch its U.S. operations to handle non-catastrophe risks, basing management in Stamford.
Among other changes, TMR AG said that Chief Operating Officer Kiichiro (Ken) Hatakeyama will relocate from Zurich to Stamford. He’ll continue as COO but assume a new role as head of U.S. operations, also effective April 1, 2015.
Source: Tokio Millennium Re AG