- Falko Loy leaves company at his own request after more than 25 years
- Internal succession solution ensures seamless continuity
Viridium Group, the leading specialist in the efficient management of life insurance portfolios, has appointed Michael Sattler as Chief Risk Officer (CRO) with effect from 1 November 2019. In his current role as Chief Financial Officer, he shares responsibility for the Group’s Finance department with Group CFO Dr. Tilo Dresig. With his new mandate, Michael Sattler assumes overall responsibility for risk management and compliance. Falko Loy, who has overseen Risk Management at Viridium since 2014, steps down at his own request after more than 25 years at Viridium and its predecessor companies.
Starting in 2004, Michael Sattler held various management positions at life insurer Heidelberger Lebensversicherung and the current Viridium Group. These included Responsible Actuary and Head of Actuarial Mathematics, Finance and Product Development at Heidelberger Leben. Appointed to the Managing Board in 2007, he took over the reins as Chief Executive Officer at Heidelberger Leben in 2012. He then joined Viridium as Chief Financial Officer in 2014.
Falko Loy’s career began in 1993 with a position in sales support at MLP before being promoted to various management roles at life insurer MLP Leben, which today operates as Heidelberger Leben. With his appointment to the latter’s Managing Board in 2012, he assumed responsibility for customer service, product development, risk management and compliance. Following the change in ownership from the Lloyds Banking Group to Cinven and Hannover Rück, Falko Loy took on the position of Chief Risk Officer in the current Viridium Group in 2014.
CEO Dr. Heinz-Peter Roß: “I am delighted that we have found a successor for the vital Risk Management portfolio within our own ranks. It is gratifying that Michael Sattler has revised his personal plans and instead resolved to continue his work on the Management Board of Viridium Group. Given his years of in-depth knowledge of the Group, his operational experience in the life insurance business and his actuarial background, Michael Sattler is the ideal choice for this position. It is with regret that, after 25 years, we say farewell to Falko Loy. He played a key role in developing Viridium Group and was also instrumental in managing the three ground-breaking transactions following the acquisition of Heidelberger Leben. As Chief Risk Officer, he is highly respected on the market and with the supervisory authorities. On behalf of all my colleagues on the Management Board, I would like to take this opportunity to thank Falko Loy for his refreshingly calm approach, dependability and outstanding work as well as his expertise throughout his tenure. We wish him the very best for his future career.”
Rolf-Peter Hoenen, Chairman of the Supervisory Board, added: “On behalf of the Supervisory Board, I would like to thank Falko Loy for making a vital contribution to Viridium’s success through his exceptional work for the Group and its governance bodies. I am grateful to Michael Sattler for his decision to remain with the Group and that, thanks to his experience and expertise, he will continue to play an important part in our company’s success story.”
