Swiss Re announces plan to split reinsurance unit

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Swiss Re announces plan to split reinsurance unit

Insurance News

By Terry Gangcuangco

The reinsurance business unit at Swiss Re will be split into property & casualty reinsurance (P&C Re) and life & health reinsurance (L&H Re) to streamline the company’s organisational structure.

Tapped to lead P&C Re and L&H Re, respectively, are Urs Baertschi and Paul Murray. The latter is currently Swiss Re’s chief executive for reinsurance in Asia-Pacific, while Baertschi serves as reinsurance CEO for Europe, the Middle East and Africa.

The planned restructure will take effect on April 3, according to Swiss Re’s announcement.

Meanwhile the client management teams servicing the group’s global reinsurance clients, public sector solutions, iptiQ, and reinsurance solutions will be under the newly formed global clients and solutions business unit that will be led by Moses Ojeisekhoba. At present Ojeisekhoba is Swiss Re’s reinsurance chief.

Additionally, changes will be made following the departure of the firm’s group chief underwriting officer.

Swiss Re noted: “The responsibilities of the group chief underwriting officer will be reallocated, most importantly to the CUOs of P&C Re and L&H Re, as well as to group risk management, to continue the group’s focus on underwriting excellence.

“The tasks of the regional presidents will be reallocated as the roles will no longer exist in the new set-up.”

Staying put is Andreas Berger, who will continue to lead Swiss Re’s corporate solutions in his capacity as chief executive of that business unit.

“The planned changes will emphasise performance accountabilities and bring clear efficiencies,” said group CEO Christian Mumenthaler. “The simpler set-up with shorter decision paths will also result in enhanced client focus.”

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