Arndt Gossmann has stepped down from his role as CEO at run-off specialist European insurer DARAG. Gossmann is well-known across the insurance-linked investments space, having championed the transfer of run-off risk portfolios to third-party investors.
Gossmann stepped down as Group CEO as of the 28th February 2017, but will remain an advisor to DARAG through a transition period to ensure an orderly and effective handover, according to the company.
Gossmann had a forward thinking approach to operating an insurance run-off specialist, calling for third-party and ILS investors to embrace run-off risks and suggesting that securitisation and micro-securitisation of longer-tailed run-off could offer a long-term and reduced volatility reinsurance investment with low-correlation.
Under his tenure, DARAG developed and launched the Run-off pad, or R-pad, a European platform to help ceding insurers transfer run-off portfolios through DARAG to alternative reinsurance capital and third-party investors.
Gossmann commented on his departure from DARAG; “Eight years ago, I took the helm at DARAG because I believed in the opportunity to capitalise on a paradigm shift in the insurance industry. After expanding DARAG’s business over the course of 23 transactions in 13 different countries, it is the right time for me to step back and let the new management team lead the next phase of DARAG’s development. I am proud of what we have achieved and feel confident that DARAG is poised for even greater success as it enters its next growth phase.”
DARAG is putting in place a new leadership structure, with Simon Minshall – Group CFO, Zsolt Szalkai – Group Chief Liability Officer and Tim Braasch – Group COO, forming an Executive Committee. DARAG said that this new management structure will provide it with “agility in the rapidly changing insurance landscape.”
Claus Stenbaek, Chairman of DARAG, said; “Arndt has been a tremendous steward for DARAG for the last eight years. On behalf of the entire DARAG Group, I want to thank Arndt for the valuable contributions he has made to the company’s success to date. Given the booming market potential, DARAG’s excellent positioning, reputation and track record, this is the right time to transition to new leadership for the next chapter of growth.”
Also read:
– Run-off market to attract more ILS & third-party reinsurance capital: DARAG.
– ILS appetite for run-off to expand further in 2017: DARAG.
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