Munich Re has appointed Michael Hauer (pictured) as chief executive officer for Korea, effective June 01 and pending regulatory approval.
Hauer will succeed Ike Kim who, after nine years as CEO, will take on a new role as executive director, Munich Re Korea, overseeing business development and strategic projects. Hauer will be based in Seoul and will report to Roland Eckl, chief executive, Asia-Pacific – Japan, India, Korea, and Southeast Asia.
An industry veteran, Hauer joined Munich Re as an underwriter in Germany in 1992. He is currently head of marine reinsurance for Asia-Pacific and responsible for all aspects of marine treaty and facultative reinsurance. He has held senior positions in Munich Re’s non-life businesses in Asia over the last two decades, having also represented the reinsurer in China.
“Michael has had a strong 27-year career with Munich Re, spanning several countries in Asia Pacific,” said Eckl. “In his new capacity, he will combine his deep knowledge of our global reinsurance capabilities, particularly non-life insurance, with the strengths of our local team of experts to support our clients in this important market.
“The Korean market is the seventh largest insurance market worldwide and presents numerous opportunities in traditional and non-traditional insurance and reinsurance. Munich Re has had a long-standing presence in Korea and there is strong momentum to build on, as we enter our next phase of growth under Michael’s leadership.”