With global reinsurance firm Hannover Re now having licensed its new insurance-linked securities (ILS) operation Hannover Re Capital Partners (HCP) in Bermuda, the company has revealed that Bermuda P&C leader Michael Eberhardt takes on the CEO position while Head of ILS Patrick Horstmann is a Director of the new unit.
Hannover Re Capital Partners is the new ILS focused Bermuda platform of global reinsurance firm Hannover Re, which the company revealed last year as representing a “missing piece” of its broad activities in catastrophe bonds and ILS.
As we reported earlier this month, the first specific hire to the Hannover Re Capital Partners platform that we’d learned of was Aaron García Ehrhardt who confirmed his new role being as the Head of Capital & Underwriting at the new ILS unit of the German reinsurer.
Now, with Hannover Re executives providing comment on the new ILS operation on LinkedIn today, it has been revealed that Michael Eberhardt is the CEO of Hannover Re Capital Partners (HCP), while also continuing in his role as Head of P&C, Hannover Re Bermuda.
Eberhardt became the Managing Director and Chief Underwriting Officer (CUO) of Hannover Re Bermuda back in 2024, having relocated from running the firm’s Australian Branch. He has worked at Hannover Re since 2006.
In addition, it has been revealed that well-known executive Patrick Horstmann has become a Director of Hannover Re Capital Partners, while also remaining Head of ILS for Hannover Re.
In the LinkedIn postings today, Hannover Re signalled the establishment of the new Bermuda ILS unit as “designed to connect investor capital with natural catastrophe risk,” and an advancement in the reinsurer’s ILS growth story.
Silke Sehm, Member of the Executive Board at Hannover Re commented that the establishment of Hannover Re Capital Partners is “A strong step forward for our NatCat and ILS ambitions.”
Sehm continued to explain, “With HCP, we are leveraging our strengths in underwriting, modelling, and ILS to offer scalable, capital-efficient solutions that align investor appetite with client needs.
“HCP enables us to expand our NatCat capacity while maintaining underwriting discipline.”
Michael Eberhardt, CEO Hannover Re Capital Partners and Head of P&C, Hannover Re Bermuda further commented that, “HCP is well positioned to deliver meaningful value to both investors and clients.
“We look forward to building HCP into a powerful ILS platform for innovation, growth, and impact.”
Patrick Horstmann, Director Hannover Re Capital Partners and Head of ILS, Hannover Re added, “With HCP, we are enhancing our ILS strategy and give investors the opportunity to benefit from Hannover Re‘s NatCat expertise.
“This supports our ILS growth targets and complements our activities in the ILS market.”
Hannover Re has great depth of expertise and leadership experience in ILS to bring to the new unit, while we understand additional hiring is also likely as the new business gets underway in Bermuda.
