By Diplomacy Journal Lee Kap-soo

Munich Re today announced the appointment of Ajeet Phatak as CEO Korea Branch on April 18. His appointment is subject to regulatory reporting procedures. Phatak will report to Hitesh Kotak, who will be Chief Executive - Japan, India, Korea and South-East Asia as of 1 August 2024. 

As CEO Korea, Ajeet Phatak will be responsible for Munich Re’s Branch and Property and Casualty (P&C) reinsurance business in Korea. Ajeet Phatak succeeds Michael Hauer, who will be Head of P&C South-East Asia based in Singapore as of 1 September 2024. 

Roland Eckl, Chief Executive Asia Pacific - Australasia, Japan, Korea, South-East Asia at Munich Re: “Ajeet Phatak is an experienced reinsurance professional and adaptive leader. During his ten years with Munich Re Group he has combined his technical capability with an innovative and client-centric mindset. I am delighted he will take on our Korean business and would like to thank Michael Hauer who successfully led our Korean operations over the past five years.”

Ajeet Phatak is currently Head of Client Management Japan. Prior to this, he successfully led India’s Agriculture business unit and was part of the startup team for the India Branch. Phatak will commence his new position on 1 August 2024.

Ajeet Phatak: “I am looking forward to this leadership role in the fast-evolving Korean insurance market. Munich Re will continue to serve its clients with innovative products and sustainable reinsurance solutions.” 

Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The Group consists of the reinsurance and ERGO business segments, as well as the asset manager MEAG.