Blumer to Replace Ferguson as Swiss Re Finance Chief

Swiss Re announced that David Blumer has been appointed as Head of Financial Markets and as a Member of the Executive Committee, effective from May 2008. He will succeed Roger Ferguson, “who will accept a senior position at a major financial institution,” said the bulletin.

Blumer comes from the financial sector as well. He was CEO of Asset Management at Credit Suisse and a member of the bank’s Executive Board.

Swiss Re’s CEO Jacques Aigrain indicated how “delighted” the Group is to have a manager of Blumer’s skill and experience heading its asset management activities, “as well as other aspects of the financial markets.” Aigrain said he expects Blumer will “inject new perspectives that will further strengthen our competitive advantage and invigorate the team.”

Ferguson joined Swiss Re in June 2006 as Chairman of Swiss Re America Holding Corporation and took on the additional role of Member of the Executive Committee and Head of Financial Services in October 2006.

“We would like to thank Roger Ferguson for his extensive contributions to the implementation of the strategically important new structure of our Financial Markets business”, Aigrain stated.”

Swiss Re noted that in November 2007 it had undertaken “a number of steps to simplify its Financial Services activities and to integrate them into the existing organizational structure. This culminated in the new risk segment reporting presented on 29 February 2008. The Financial Markets activities are focused on managing the assets generated by the (re)insurance businesses, and on developing financial market solutions for insurance risks and clients. This includes insurance-linked securities, environmental risk transfer, trade credit and surety reinsurance, life insurance solutions (e.g. variable annuity, longevity) and third party asset management under the Conning brand.”

Source: Swiss Re – www.swissre.com