Swiss Re announced that Christian Mumenthaler, 46, currently CEO of Reinsurance, will become group chief executive officer on July 1, succeeding Michel M. Liès, who is retiring.
Since October 2011, Mumenthaler has successfully led the Reinsurance business unit, “maintaining underwriting outperformance in property & casualty while improving profitability in life & health,” Swiss Re said in a statement. (The Reinsurance business unit is responsible for approximately 85 percent of the group’s revenue.)
From January to October 2011, Mumenthaler served as chief marketing officer for Reinsurance. Between 2007 and 2010, he was head of Life & Health in the re/insurance products area, “where he defined and implemented strategies to access new value chains and further expand the health segment,” the company added.
He first became a member of the group executive committee in 2005, when he was named group chief risk officer.
In 2002 Mumenthaler established a new unit, Group Retro and Syndication, with the aim to optimize the group’s risk and capital base through retrocession and securitization. Between 1999 and 2002, he was responsible for a number of key company projects.
Mumenthaler started his professional career in 1997 as an associate with the Boston Consulting Group.
He is a member of the Foundation Board of the International Risk Governance Council (IRGC) and of the Board of Directors of The Sustainability Forum Zurich (TSF).
A Swiss citizen, Mumenthaler obtained a PhD from the Institute of Molecular Biology and Biophysics at the Swiss Federal Institute of Technology (ETH) in Zurich.
“The board of directors wishes to thank Michel M. Liès for the more than 35 years of service to Swiss Re, the last four as group CEO,” said Walter B. Kielholz, chairman of the board of directors.
“Throughout his career, Michel has lived Swiss Re’s highest values and has been key to our group’s continued strong performance,” Kielholz added.
“Under his leadership over the past four years, net income has almost doubled, the capital base has increased significantly and we have distributed more than $12 billion of excess capital back to shareholders. It is fitting that we make this announcement at the end of a successful 2011–2015 financial target period, and after having introduced a new strategic framework.”
Liès commented: “I am passionate about Swiss Re’s future. I am convinced that Christian Mumenthaler and his team will further strengthen the role of Swiss Re in our industry and our society more generally. It is an honor and a privilege to work for this great company. I will always be proud to have been part of Swiss Re.”
Source: Swiss Re