Swiss Re Announces Major Division & Leadership Structure Reorganization

October 1, 2010

Swiss Re announced that it will “adjust its senior leadership structure to strengthen the company’s core capabilities and market presence with a focus on three key areas: Reinsurance, Corporate Solutions and Admin Re®. To elevate the importance of these client facing operations, all three units will now be represented by dedicated Executive Committee members.”

Corporate Solutions is the new name for all of Swiss Re’s insurance related offerings, such as Large Industrial Risks. Swiss Re also named a new Chief Operating Officer, a new Chief Risk Officer and a Chairman Global Partnerships.

“This change and the executives leading it represent Swiss Re’s strategy to seize and secure the future,” explained CEO Stefan Lippe. “We are taking advantage of our company’s core strengths to become more nimble and more responsive to the needs of our clients and investors.”

Swiss Re’s Board of Directors accordingly announced the following personnel changes: Christian Mumenthaler, currently Head of the Life & Health (L&H) Division, has been appointed Chief Marketing Officer Reinsurance and Member of the Executive Committee, effective January 1, 2011. In the core Reinsurance business, Swiss Re aims to outperform the market based on its acknowledged underwriting capabilities, which in the area of marketing requires superior client focus and an advanced service model.

Agostino Galvagni, currently Chief Operating Officer (COO) and Member of the Executive Committee, will become CEO Corporate Solutions effective October 1, 2010, and remains a Member of the Executive Committee. “This newly created global position underpins the strategic relevance of Corporate Solutions business to Swiss Re and the need to drive dedicated initiatives with heightened focus and authority.”

David Blumer, Chief Investment Officer and Member of the Executive Committee, will, in addition to his current role, assume responsibility for Admin Re®, effective October 1, 2010. In this extended capacity, he will “establish Admin Re® as an integrated global business of Swiss Re, re-invigorating the unit as a recognized and astute force in the Admin Re market.”

Swiss Re also said its Board of Directors has appointed a new Chief Risk Officer, a new Chief Operating Officer as well as a Chairman Global Partnerships., which it listed as follows: Raj Singh, current Chief Risk Officer, has decided to leave Swiss Re for personal reasons, effective 28 February 2011. The Board of Directors thanks Raj Singh for his invaluable contribution in further advancing the company’s risk management capabilities over the past three years.

David Cole will succeed Raj Singh as Chief Risk Officer, and Member of the Executive Committee. He will join Swiss Re on November 1, 2010 to allow for a smooth transition. He has advanced through the ranks of ABN AMRO since 1999, gaining deep financial sector experience across a range of functions and markets.

Thomas Wellauer will become new Chief Operating Officer and Member of the Executive Committee, effective October 1, 2010. In this role, he will “oversee such operational functions as HR, IT, Legal, Communications and Logistics. He brings a wealth of leadership experience in the financial services sector, having served as CEO of Credit Suisse Financial Services, CEO of Winterthur Insurance and Member of the Supervisory Board at Munich Re.”

Michel Liès, currently Chief Marketing Officer and Member of the Executive Committee, will, as of January 1, 2011, assume a newly created position as Chairman Global Partnerships, reporting directly to the CEO. Until year-end he will serve as Chief Marketing Officer, Reinsurance, and remains a member of the EC. In his new role, he will “establish a network of client market advisors within Swiss Re to strengthen relationships in the public sector, government and NGO areas. He will also accelerate the company’s growth strategy in emerging markets. Liès will formally be stepping down from the Executive Committee as of 31 December 2010.”

Source: Swiss Re

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