Swiss Re has announced that Ute Michaelsen, who has led its North America facultative property/casualty division since 2016, will step down on March 31 after 28 years with the company. 

Michaelsen’s tenure has been marked by her oversight of the facultative unit’s underwriting and production responsibilities, spanning property, casualty, and specialty lines for both global clients and regional firms. Operating through major hubs in New York, Chicago, Atlanta, and Toronto, the unit serves clients via both direct and broker channels. 

Throughout her career at Swiss Re, Michaelsen has held senior roles in property/casualty client and broker relationship management, in addition to leading operational and finance teams. Before joining Swiss Re, she worked in private banking and institutional-asset management across Europe and the United States.

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Swiss Re’s recent financial targets remain a significant focus. In December, the company announced its aim to achieve group net income exceeding $4.4 billion by 2025. Underwriting entities of Swiss Re Ltd. maintain an A+ (Superior) financial strength rating from AM Best. 

The company has begun searching for Michaelsen’s successor. 

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