Swiss Re is completing what it described as “adjustments to its leadership structure to reflect the company’s new legal entity set-up.” As of May 20, 2011, Swiss Re Ltd is the holding company of the Swiss Re group of companies.
Stefan Lippe will continue to lead the Group as Chief Executive Officer of Swiss Re Ltd. Christian Mumenthaler becomes CEO of its reinsurance subsidiary, Swiss Reinsurance Company Ltd. (SRZ).
The changes have been decided by the Board of Directors as a “further step by Swiss Re in re-shaping its structure to enhance client focus, to increase capital efficiency and transparency, and to create long-term value for shareholders,” the bulletin explained. “This began with a share exchange offer, first announced on 17 February and declared successful on 18 May 2011.”
It also noted that, as Chief Marketing Officer for Reinsurance since January 2011, Mumenthaler is “already responsible for leading and growing Swiss Re’s core reinsurance business.” Effective October1, 2011, he “will become CEO of SRZ assuming additional responsibilities. He will be accountable for the Group’s reinsurance strategy as well as its entire business performance, including financial results, capital and asset allocation, along with governing the legal entities comprised within SRZ.
“Lippe will continue to focus on running the Group, in charge of implementing Group strategy, overseeing and taking ultimate responsibility for all businesses, and being accountable for the financial performance of Swiss Re Ltd.”
Source: Swiss Re Ltd
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