From boy in Dad’s agency to reinsurance powerhouse: Hannover Re, CEO, Clements Jungsthöfel’s rise

Clements Jungsthöfel is the type who learns from life’s lessons. Jungsthöfel cut his teeth in insurance at his father’s agency as a boy. One incident stuck with him, a formative moment that became a metaphor for his career.

He recalls: “I remember vividly a client coming to us on a Sunday morning while we were having breakfast, and he was really warmly thanking my father and handed him a gift. 

“And what happened was, just weeks earlier, he had bought a fairly new car, and the client insisted on just buying basic third party cover to save some money, because he had spent it all on the car. 

“But after some advice from my father, he opted for full coverage, and at least for the first year, my father had told him he should do that, and then he had actually crashed that car, certainly not being able to afford a new one. 

“And that was probably my first lesson about client service, about risk assessment, and to be honest, then the importance of being properly insured.”

No escape from insurance 

Jungsthöfel jokes that he began underwriting at the age of 10, but it’s not far from the truth. After leaving school, he trained as an insurance agent. He studied economics, then joined KPMG working with (re)insurance firms. He eventually became Hannover Re chief financial officer in 2022, later announced as chief executive in November 2024. 

Jungsthöfel believes KPMG gave him a rounded experience of insurance where he learned consultancy, auditing and actuarial.

He reflects: “I was very much interested in getting to know the whole value chain of an insurer or reinsurer. 

“And that was probably the reason, you know, and given my background, that there was no escape from me, from the insurance industry.”

Brokers enjoy doing business with Hannover Re

Jungsthöfel has had his ear to the ground. 

In the last few months, in making the transition to CEO, he’s been speaking to brokers and clients. 

The message is clear: they enjoy doing business with Hannover Re.

This reliable, focused and welcoming German reinsurance colossus is well-positioned in the reinsurance space, Jungsthöfel believes.

The reinsurance company is not quite the size of Munich Re, but is nonetheless, a powerhouse of reinsurance in its own right. Gross reinsurance revenue was €13.3 billion in the first half of 2025. 

It is the third-largest reinsurance group globally, employing approximately 3,900-4,000 staff worldwide and operating in all property, casualty, life, and health reinsurance lines.  

Jungsthöfel notes the strong balance sheet, flexibility to deploy capital and focus on profitable growth. 

He explains: “If we look at ongoing loss trends, the macroeconomic, geopolitical environment and the ever widening protection gap, I think the demand for reinsurance remains very strong. 

“We all share the goal of narrowing the protection gap, and Hannover Re, I think, is well positioned to contribute to this meaningfully, and we are fully committed to growing alongside our clients and expanding also our share wallet with our partners.”

Reinsurance outlook 

Jungsthöfel struck a cautious note on the reinsurance outlook. He said underwriting and tighter limits had driven improvements, but underlying trends remained elevated.

Data was difficult to interpret, following the trend impacts coming from the Covid lockdowns. He pondered whether there was ‘abundance of caution in reserving for newer years, given the negative experience prior to 2020’. He said Hannover Re was happy to deploy capital if the prices met their requirements. 

He concluded: “It will likely take a few more years to get a clear indication of where things are headed.

“Despite some positive signals. It’s still too early to confirm that recent underwriting years will ultimately hold up well, so given the general deterioration that we’ve seen in the past.”