John Fitzpatrick, Swiss Re’s Head of Financial Services, is leaving the company to establish an investment fund in the insurance, securitization and financial services sector. Swiss Re’s bulletin indicated that it “plans to become a significant investor in this fund.”
Fitzpatrick joined Swiss Re in mid-1998 as CFO. In 2003, he took over as Head of Life & Health. In this role he oversaw Swiss Re’s developments in the field of securitizing life insurance risks. In 2005 he became Head of Financial Services, specifically charged with implementing Swiss Re’s “strategy to further develop insurance-risk securitization.”
Former CEO, John Coomber, now a mamber of the Board of Directors, was the principal force behind increasing the use of securitizations to take advantage of the funds available from the capital markets.Since January 2005 Swiss Re has issued CHF 1.9 billion ($1.49 billion) of insurance-linked securities from its own balance sheet.
Until a successor as Head of Financial Services is named, Swiss Re’s CEO Jacques Aigrain will assume interim responsibility for Financial Services.
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