Korean Reinsurance Switzerland AG (KRSA), a wholly owned subsidiary of Seoul-based Korean Re, has confirmed two changes to its board of directors, effective July 1, as part of its ongoing succession planning.
Reinhard Thoennissen has stepped down from his role as an independent board member. He will be succeeded by Markus A. Eugster (pictured above), whose appointment was approved by the Swiss Financial Market Supervisory Authority (FINMA) and confirmed by Korean Re’s sole shareholder.
Eugster previously served as CEO of Korean Re Switzerland AG from 2019 until July 2024. Since then, he has supported the company in a strategic advisory role. His career spans over three decades, primarily in global reinsurance and banking.
"I am glad to announce this important change to our board and look forward to the trustful and continued collaboration with Mr. Eugster in his new role, while I am grateful for Mr. Thoennissen's long-standing support of KRSA,” Yung-heub Song, chairman of the board of directors, said.
In a separate development, Song will step down as chairman of the board, also effective July 1, in accordance with Korean Re’s leadership rotation policy.
The company has proposed Jaemoon Lee as his successor. Lee was elected by Korean Reinsurance Company in Seoul and is awaiting regulatory approval.
Lee has been with Korean Re for 25 years, serving in key roles within the Marine Team and the Strategic Planning Office. He is expected to work closely with CEO Michael Hinz in guiding the company’s next phase of development.
In December, the reinsurer also had its ratings upgraded by AM Best to “a+.” The outlook for the long-term ICR has been revised to stable from positive, while the outlook for the FSR remains stable.
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