Roger Ferguson, former Vice Chairman of the US Federal Reserve Board, will join Swiss Re as Chairman of Swiss Re America Holding Corporation and a member of the reinsuer’s Executive Board
He succeeds Jacques Dubois who will retire by the end of 2006. Ferguson will also become Swiss Re’s Financial Market Strategist, “advancing the company’s strategy of intermediating insurance risk through the capital markets,” said the announcement
“We are delighted to have Roger joining Swiss Re,” stated CEO Jacques Aigrain. “Thanks to his outstanding experience in financial markets he will provide further leadership to our prominent position in the US insurance markets and lend increased impetus to intermediate risks to the financial markets.”
Ferguson commented: “This is an exciting opportunity and a fitting follow-on to my work at the Federal Reserve. Swiss Re is not only the leader in reinsurance; it is also well recognized for driving the convergence of the capital and insurance markets. Additionally, Swiss Re has distinguished itself by investing in knowledge and by the use of insurance products to address some of the most critical macro-economic and public policy challenges facing governments. I look forward to joining its leadership team.”
Swiss Re noted: “As Chairman of Swiss Re’s holding company for its Life & Health and Property & Casualty business in the Americas, Ferguson will supervise Swiss Re’s operations in the Americas and serve as the company’s US representative for all regulatory and governmental bodies. He will also become a Member of the Executive Board, reporting to CEO Jacques Aigrain.
“In addition, Ferguson will become the Group’s Financial Market Strategist, providing long term direction to Swiss Re’s proprietary investment portfolio of approximately CHF 160 billion [$130 billion]. Furthermore, he will drive forward Swiss Re’s strategy to intermediate insurance risks to the financial markets. He joins Swiss Re in July 2006, based in New York and Washington D.C.”
Ferguson joined the Federal Reserve Board as a Governor in 1997. He was a voting member of the monetary policy committee of the Federal Reserve, the Federal Open Market Committee, and represented the Federal Reserve in numerous international groupings. Among other international leadership roles, Ferguson served as Chairman of the Financial Stability Forum and also chaired Federal Reserve Board committees on banking supervision and regulation, payment system policy and reserve bank oversight. He played an important role at the Federal reserve following the Sept. 11 attacks.
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