Gunther Saacke is to leave his job as chief executive officer of Bermudian reinsurer Qatar Re.

In a statement today, Qatar Re said Mr Saacke had informed the board of his intention to step down at the next board meeting, scheduled for March.

“With regret, the board of directors has accepted his decision,” Qatar Re stated. “Gunther Saacke will be leaving the company later on in the year.”

Michael van der Straaten, chief underwriting officer for long-tail and specialty classes, will be appointed as acting CEO.

Khalifa Al Subbay, Group CEO of Qatar Insurance Company, Qatar Re’s parent company, said: “On behalf of QIC, I would like to thank Gunther for his outstanding and significant contribution to Qatar Re. Under his strong strategic and operational leadership, Qatar Re has developed into a formidable franchise, placed among the global top 30, and is recognised as a modern and reliable reinsurer around the world.

“In the challenging environment of recent years, Gunther has brought to bear his tremendous following in the market. He has been instrumental in building and inspiring our teams and has greatly supported the very substantial and dynamic development of our group.”

Mr Saacke said: “I believe that this is an appropriate time for the company to benefit from the perspectives of a new leader. I would like to express my appreciation to colleagues, customers and the many partners around the world with whom I have worked over the past six years.

“Qatar Re is a great company with outstanding prospects as a reliable force to be reckoned with in the ever-changing global market. While the market conditions remain challenging, I am confident that our talented, highly dedicated people, our promising pipeline and strong underwriting management will deliver significant value in the years ahead. I wish Mike every success in his new role and am sure he will make a major contribution.”

Qatar Re is based in offices in Belvedere Place on Pitts Bay Road.