Garant has announced that Louis Habib-Deloncle is to step down as CEO at the end of the year.

Habib-Deloncle, who has led the political and trade credit insurance provider over the last 12 years, will be replaced by Michael Frank.

Christian Hendriks, Garant’s current head of underwriting, has been appointed as a new member of Garant’s managing board and both will assume their new roles from January 1, 2015.

Commenting on the news, Frank says: “I feel honoured to have been appointed CEO by the supervisory board to continue the successful development of Garant.”

“Based on the great achievements of Louis Habib-Deloncle, I very much look forward to continue working with my fellow board members Dmitri Lokshin and Christian Hendriks on the managing board of Garant.”

Frank joined Garant’s board in January 2013 after holding various management positions in trade finance, bank-to-bank business and risk management over a 24-year period.

Hendriks also joined in 2013 having held management roles in credit risk insurance in France and Switzerland.