Swiss Re group CUO leaving to join SCOR as chief executive

New boss assumes top post in May

Swiss Re group CUO leaving to join SCOR as chief executive

Insurance News

By Terry Gangcuangco

Thierry Léger is moving from Swiss Re, where he served as group chief underwriting officer from September 2020, to join global reinsurer SCOR as chief executive beginning May.

According to Swiss Re’s announcement, Léger is stepping down as group executive committee member effective immediately. In the meantime, group CEO Christian Mumenthaler is taking over the CUO function.

“Over the past 25 years with Swiss Re, Thierry made great contributions to many parts of our business, from reinsurance to former Life Capital business unit, to group underwriting,” commented the chief executive on his colleague’s time at Swiss Re.

“Since his appointment as group CUO in 2020, he has successfully evolved our underwriting capabilities through utilising cutting-edge research, access to more and better data and analytics.”

Mumenthaler added: “On behalf of the entire group executive committee, I would like to thank Thierry for his dedication and commitment to Swiss Re and wish him all the success for the future.”

Next career move

After leaving Swiss Re, Léger will eventually come onboard SCOR to replace Laurent Rousseau who has resigned to pursue other professional opportunities.

Lifting the lid on its pick, SCOR said in a release: “The board of directors is convinced that Thierry Léger has all the professional skills and managerial qualities required to succeed as CEO of SCOR. The board of directors will propose that Thierry Léger join the board at the 2023 general meeting.

“François de Varenne, executive committee member in charge of investments, technology, transformation, and group corporate finance, is appointed interim CEO of SCOR with immediate effect until Thierry Léger takes up his post.”

As mentioned, Léger is making the switch more than three months from now.

“Acting on the proposal of the nomination committee, the board of directors has unanimously decided to entrust the executive management of the group to Thierry Léger, an experienced and skilled reinsurer who is an expert in both life and non-life reinsurance,” noted SCOR chair Denis Kessler.

“Having held key positions at a major global reinsurance company, he has all the skills required to lead the SCOR group and forge a new strategic vision for the company, while pursuing an underwriting policy based entirely on technical profitability.”

Kessler, who added that the firm is “embarking on a new chapter in its history,” believes that Léger will restore SCOR’s profitability by giving high priority to capital allocation and returns and by practicing very strict risk management. At the same time he thanked Rousseau for the latter’s contribution during what the chair described as a “particularly difficult” period.

The incoming boss, meanwhile, is “very happy” and honoured by the confidence placed in him.

“I look forward to meeting the group’s employees, clients, and shareholders,” declared Léger. “I plan to actively pursue the growth of the company by continuing to develop its products and its structure. The reinsurance sector offers many opportunities, both on the liability side with the increased demand for cover and the improvement of terms and conditions, and on the asset side with the rise in interest rates.

“I am convinced that SCOR is well placed to take full advantage of this favourable environment. I know that I can count on highly skilled and experienced teams, and on excellent client relations. Let’s all make this journey together. I will focus all my energy on giving fresh impetus to SCOR.”        

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