Qatar Reinsurance Company Limited (Qatar Re), the global multi-line reinsurer which snapped up four Markerstudy insurance companies in 2018, is about to lose chief executive officer Gunther Saacke.
The executive director has notified Qatar Re’s board of his intention to step down at the March 2019 meeting – a decision which the board has accepted “with regret.” Saacke’s departure will be later in the year, with chief underwriting officer for long tail and specialty classes Michael van der Straaten set to be appointed as acting CEO.
“I believe that this is an appropriate time for the company to benefit from the perspectives of a new leader,” said Saacke. “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 six years.
“Qatar Re is a great company with outstanding prospects as a reliable force to be reckoned with in the ever-changing global market. 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.”
The outgoing boss also wished van der Straaten “every success in his new role,” adding that he is certain his successor will make a major contribution to the Bermuda-headquartered enterprise.
Meanwhile Qatar Insurance Company (QIC) group CEO & president Khalifa Al Subbay expressed gratitude on behalf of parent firm QIC.
“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,” said the chief executive.
“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.”
Last year Qatar Re acquired Gibraltar-based firms Markerstudy Insurance Company Limited, Zenith Insurance Plc, St Julians Insurance Company Limited, and Ultimate Insurance Company Limited.