Qatar Re said that CEO and Executive Director Gunther Saacke would be stepping down from both roles in March, at the company’s next board meeting. He’ll stay on for the transition and depart later in 2019, the Bermuda-based reinsurer said.

“I believe that this is an appropriate time for [Qatar Re] to benefit from the perspectives of a new leader,” Saacke said in prepared remarks. “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.”

In the interim, Michael van der Straaten, Qatar Re’s chief underwriting officer for long tail and specialty classes, will serve as acting chief executive officer.

Khalifa Al Subbay, group CEO and president of corporate parent Qatar Insurance Company, said Saacke made lasting contributions 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,” Al Subbay said in prepared remarks. “In the challenging environment of recent years, [Saacke] has brought to bear his tremendous following in the market, [and] he has been instrumental in building and inspiring our teams.”

Qatar Re, licensed as a Class 4 insurer by the Bermuda Monetary Authority, is a global multiline reinsurer writing all major property, casualty and specialty lines of business.

Source: Qatar Re