Munich Re Specialty Announces Leadership Transitions at HSB and American Modern

Business Wire

MUNICH--(BUSINESS WIRE)--
Munich Re Specialty, the global specialty insurance business of Munich Re Group, has announced the upcoming retirements of Greg Barats, CEO and President of HSB, and Andreas Kleiner, CEO and President of American Modern Insurance Group, following long and distinguished careers. Both leaders will retire in the first quarter of 2026 and will remain in their current roles until that time to ensure a seamless transition.

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Greg Barats, CEO and President, HSB Group

Jeffrey C. O’Shaughnessy has been appointed to succeed Barats as CEO and President of HSB, and Kathleen O. Zortman will assume the role of CEO and President of American Modern. The appointments are effective March 2, 2026. Both O’Shaughnessy and Zortman will work closely with their predecessors over the coming months to ensure continuity and the continued success of their respective businesses.

“Greg and Andreas have each made lasting contributions to Munich Re’s success and to the industry at large,” said Mike Kerner, Member of the Board of Management responsible for Global Specialty Insurance (GSI) at Munich Re Group. “Their leadership has helped shape HSB and American Modern into organizations known for expertise, stability and partnership. Munich Re remains deeply invested in these parts of our value proposition along with delivering solutions that help our clients and partners succeed.”

“As Munich Re Specialty continues to expand our specialty insurance footprint worldwide, these leadership transitions underscore our commitment to sustainable growth, innovation, and leadership development within Munich Re Group,” said Kerner.

Barats, who was named CEO in 2011, has overseen the exceptional growth and performance of HSB as a leading provider of specialty insurance, global engineering, and technology services in the U.S., Canada, U.K., and Ireland. He serves on the Munich Re Global Specialty Insurance Executive Board, heads up Munich Re’s Global Internet of Things (IoT) business, and is responsible for the global Artificial Intelligence (AI) and Generative AI insurance initiatives of HSB and Munich Re.

He has served on the Hartford HealthCare Board of Directors since 2019 and his commitment to the greater Hartford community has included support for many charitable organizations.

“My time at HSB has been the most rewarding of my professional career,” said Barats. “I am proud of the work our team of employees around the world has accomplished over the past 15 years, harnessing innovation, engineering, and technology to help transform the future of specialty insurance and risk management. HSB is well-positioned to continue to create new solutions for the exposures of tomorrow.”

Kleiner, who has served as CEO and President of American Modern since 2016, successfully guided the company through a multi-year transformation that enhanced operational efficiency, employee engagement, and the customer experience. Over his 30-year career with Munich Re, Kleiner has held senior leadership roles in the U.S., Europe, Asia, and Africa, bringing a truly global perspective to every position he has held.

He serves on the Munich Re Global Specialty Insurance Executive Board, and under his leadership, American Modern has been recognized as a “Cincinnati Top Workplace” for the past decade.

“I have thoroughly enjoyed the last 10 years at the helm of American Modern,” said Kleiner. “I have had the honor of working with a great team, and jointly, we have achieved a great deal. It has been a very rewarding experience, and I will look back with very, very fond memories. I believe that American Modern is across the board well-positioned for the future, which leaves me feeling positive as I hand over the baton to my successor.”

O’Shaughnessy, who joined HSB in 2002, is president of HSB Portfolio Risk Solutions, managing HSB’s assumed reinsurance business and overseeing the division’s products, underwriting, and relationships with client insurance companies and strategic partners. Previously, he served as global chief underwriting officer and has led the development of a number of HSB’s strategic products over the years.

Zortman brings more than 30 years of experience in property and casualty insurance, with a strong record of leading organizational transformation, optimizing portfolios for sustainable profitability, and building high-performance teams that deliver operational and underwriting excellence.

About HSB

Hartford Steam Boiler (HSB), part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 159-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn.

About American Modern Insurance Group^®American Modern^®is a widely recognized specialty insurance leader that delivers products and services for residential property—such as manufactured homes and specialty dwellings—and for consumers in the recreational market, including owners of boats, personal watercraft, classic cars, motorcycles, ATVs, and snowmobiles. The company is headquartered in Amelia, Ohio, and is part of Munich Re Group. For more information, visit www.amig.com.

About Munich Re Group

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 fields of business, and the asset manager MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re leverages its strengths to promote its clients’ business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence. In the 2024 financial year, Munich Re generated insurance revenue of €60.8bn and a net result of €5.7bn. The Munich Re Group employed about 44,000 people worldwide as at 31 December 2024.

Disclaimer

This media release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development of our Company – in particular the results, financial situation and performance. The Group assumes no liability to update these forward-looking statements or to make them conform to future events or developments.