Swiss Re Divides Reinsurance Business Unit into P&C Re and L&H Re

Swiss Re Divides Reinsurance Business Unit into P&C Re and L&H Re

(IN BRIEF) Swiss Re, a leading global reinsurance company, plans to simplify its organizational structure to improve efficiency, client experience, and overall effectiveness, pending regulatory approval. The Reinsurance Business Unit will be divided into P&C Re and L&H Re, with each unit in control of underwriting and claims management. Moses Ojeisekhoba, current CEO of Reinsurance, will head the newly formed Global Clients and Solutions unit. Corporate Solutions will remain under the leadership of Andreas Berger, and the role of Group Chief Underwriting Officer will be reallocated to CUOs of P&C Re and L&H Re. The reorganization will not impact Swiss Re’s financial reporting.

(PRESS RELEASE) ZURICH, 2-Feb-2023 — /EuropaWire/ —  Swiss Re (SWX: SREN), one of the world’s leading reinsurer, has announced plans to simplify its organizational structure to improve efficiency, client experience, and overall effectiveness. The changes, pending regulatory approval, will take effect April 3, 2023.

The Reinsurance Business Unit will be divided into P&C Re and L&H Re, with each unit in full control of underwriting and claims management. Urs Baertschi, current CEO of Reinsurance EMEA, will lead P&C Re, while Paul Murray, current CEO of Reinsurance Asia Pacific, will lead L&H Re.

Moses Ojeisekhoba, current CEO of Reinsurance, will head the newly formed Global Clients and Solutions unit, which will consist of client management teams, Public Sector Solutions, iptiQ, and Reinsurance Solutions. Corporate Solutions will remain under the leadership of Andreas Berger.

The role of Group Chief Underwriting Officer will be reallocated to CUOs of P&C Re and L&H Re, as well as to Group Risk Management, to maintain the company’s focus on underwriting excellence. The Regional Presidents will be reassigned, as their positions will no longer exist in the new structure.

The financial reporting of Swiss Re will remain unchanged as a result of the reorganization.

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

About Swiss Re

The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

Cautionary note on forward-looking statements

The information provided and forward-looking statements made are for informational purposes only. In no event shall Swiss Re be liable for any loss or damage arising in connection with the use of this information and readers are cautioned not to place undue reliance on forward-looking statements (the cautionary note on forward-looking statements are available under https://www.swissre.com/terms-of-use.html). Swiss Re undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. This communication is not intended to be a recommendation to buy, sell or hold securities and does not constitute an offer for the sale of, or the solicitation of an offer to buy, securities in any jurisdiction, including the United States. Any such offer will only be made by means of a prospectus or offering memorandum, and in compliance with applicable securities laws. This document does not constitute an invitation to effect any transaction in securities or make investments.

Group Media Relations
+41 43 285 7171

SOURCE: Swiss Re

MORE ON SWISS RE, ETC.:

Follow EuropaWire on Google News
EDITOR'S PICK:

Comments are closed.