Tokio Millennium Re (TMR) has appointed a new CEO.

Stephan Ruoff yesterday took over as head of the firm, founded in Bermuda 15 years ago.

Mr Ruoff said: “I’m delighted to be leading TMR into an exciting new phase of development.

“We have established a platform for a truly global company, with offices in Zurich, Bermuda, Sydney and Stamford in the US, alongside a separately managed company in London.

“We are moving forward with a clear strategic plan in place as we continue laying down the tracks for success into the future.”

Mr Ruoff, who has worked for the firm since 2011 and has moved up from his previous role as chief operating officer, will be based in Switzerland.

TMR redomiciled from Bermuda to Switzerland two years ago and converted its former Island HQ into a branch.

Mr Ruoff said: “We aim to increase our relevance and further develop our relationships with our client base to ensure we are seen as a ‘go to’ reinsurer.”

He added: “Our underwriting skills, as well as our renowned capabilities in bringing together the traditional reinsurance and capital markets, will help this happen.”

Mr Ruoff takes over as CEO from Tatsuhiko Hosina, a co-founder of the firm, who is now a member of the board of directors and vice-chairman.