Munich Re has appointed Michael Hauer as the chief executive officer for South Korea effective 1 June 2019.
Hauer will be based in Seoul and will report to Roland Eckl, CEO Asia-Pacific, subject to regulatory approval.
Hauer is currently based in Singapore as head of marine reinsurance for Asia-Pacific and is responsible for all aspects of marine treaty and facultative reinsurance. He had led this role from Hong Kong since 2015 before relocating to Singapore in 2017.
He will succeed Ike Kim who will step into a new role as Munich Re Korea executive director after serving as CEO for Korea for the last nine years.
Commenting on the appointment, Eckl said: “Michael has had a strong 27-year career with Munich Re, spanning several countries in Asia Pacific. 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.”
Adding: “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.”