Hannover Re appoints Eberhardt as Managing Director and CUO Bermuda

Global reinsurance firm Hannover Re has announced that employee Michael Eberhardt will become its new Managing Director and Chief Underwriting Officer (CUO) of Hannover Re Bermuda.

Eberhardt is currently the Head of Hannover Re’s Australian Branch and Head of its Business Center for Treaty in Australia and New Zealand.

He was worked for the German reinsurance company since 2006 in a range of increasingly senior roles.

He began his career with the reinsurer working in Germany as an underwriter, with a focus on structured reinsurance products in the Hannover Re Advanced Solutions unit, covering a geographical scope for Spain, Portugal, Latin America, and the Caribbean.

Eberhardt relocated to Australia and became Hannover Re’s Head of Treaty reinsurance business there in 2012.

He later became Hannover Re’s GM for its Australian branch in 2016 and then MD and Head of it in 2021, with CEO responsibility for the local entity.

Eberhardt will now lead underwriting at Hannover Re’s Bermuda reinsurance company, which is a key structure for the global companies underwriting operations, with particular relevance for its activities in the insurance-linked securities (ILS) space as well.

The Hannover Re Bermuda branch works closely with ILS managers based on the island, we understand.

In recent years, Hannover Re has built out a significant and growing specialism in fronting and risk transformation for ILS fund managers and for ILS transactions, including catastrophe bonds and collateralized reinsurance.

The Bermuda unit is thought to be a key point of connectivity with the ILS market, especially with Bermuda-based managers and ILS structures.