Magee (pictured) has overseen Hannover Re’s “Business Center Life & Health Asia” since April 2023, the German reinsurer said.
She previously served as member of the executive committee at SCOR.
At Hannover Re, together with Claude Chèvre, she will assume responsibility for the life and health reinsurance business group in the executive board.
Effective 1 January 2025, she succeeds Klaus Miller on the executive board, who steps down after 14 years with Hannover Re, remaining in 2025 in an advisory role.
Magee has more than two decades of experience in the reinsurance industry. She joined SCOR in 2011 in connection with the integration of Transamerica Reinsurance.
She held various international leadership positions, before taking on the role of Deputy CEO of SCOR’s global life business in 2018.
Klaus Miller has been with Hannover Re since 2010. He previously served as Head of Structured Insurance Solutions at Commerzbank before joining the Executive Board of Hannover Re. His current scope of responsibility for life and health reinsurance encompasses the regions of North America, Bermuda, the United Kingdom, Ireland as well as Northern, Eastern and Central Europe.
“Brona Magee has already successfully applied her strengths and experience in our reinsurance business,” said Torsten Leue, chairman of the supervisory board of Hannover Re.
“I wish her every success in her new leadership role. She is an outstanding successor to Klaus Miller, who contributed to the success of Hannover Re over a span of 14 years with his strong thought leadership and superlative commitment. On behalf of the supervisory board, I would like to express my sincere thanks to Klaus Miller.”
“I am absolutely delighted that in Brona Magee we have secured a seasoned leader for Hannover Re’s executive board,” said Jean-Jacques Henchoz, CEO of Hannover Re.
“A qualified actuary with extensive international expertise in life and health reinsurance, she optimally complements our leadership team. Since joining Hannover Re, she has already played a pivotal role in driving the success of our life and health reinsurance business in Asia.
“With his dedication, personality and specialist expertise, Klaus Miller has been instrumental not only in advancing life and health reinsurance at Hannover Re, but in shaping Hannover Re as a whole. On behalf of the entire executive board and our employees, I would like to thank him for his tremendous contribution.”
H1 results out
Hannover Re has also revealed its first half of 2024 performance, reporting revenue and earnings growth.
Group net income increases by 21% to €1.2bn
Reinsurance revenue grows by 5.2% to €12.9bn
Large losses in property and casualty reinsurance within budget
Result for life and health reinsurance in line with expectations
Return on investment of 3.3% generated
Return on equity reaches 22.3%
Full-year guidance for 2024 confirmed
“We have a successful first six months behind us, with significant growth in property and casualty reinsurance and satisfactory group net income,” Henchoz said.
“At the same time, we saw a continued trend towards increasing frequency losses and losses from secondary perils such as flooding. Thanks to our selective underwriting approach and our retrocession strategy, we feel well prepared for the upcoming second half of the year – which tends to be more loss-intensive,” he added.
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Publish date : 2024-08-12 05:14:00
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