2 February 2023Insurance

Swiss Re to split core reinsurance business in major shake up to boost performance

Global reinsurance giant  Swiss Re will split its core reinsurance business in a move to streamline its organisational structure to improve efficiency and client focus, with an emphasis on “performance accountabilities”, the company’s CEO has indicated. The changes would mean regional presidents roles will no longer exist in the new set-up.

The restructure that will take effect from April 3, 2023 will see Swiss Re’s current reinsurance business split into property & casualty reinsurance (P&C Re) and life & health reinsurance (L&H Re).

The move will allow each unit to have full authority over the respective underwriting and claims management processes. The reorganisation will not change the way Swiss Re reports its financial results externally.

Urs Baertschi, currently chief executive officer reinsurance EMEA, will lead P&C Re, while Paul Murray, currently CEO reinsurance Asia Pacific, will lead L&H Re.

Moses Ojeisekhoba, currently CEO reinsurance, will take over leadership of a newly formed global clients and solutions unit. This business unit will contain the client management teams servicing Swiss Re's global reinsurance clients, Public Sector Solutions, iptiQ and Reinsurance Solutions.

Corporate Solutions will continue as a business unit under the leadership of Andreas Berger.

The responsibilities of the group chief underwriting officer will be reallocated, most importantly to the CUOs of P&C Re and L&H Re, as well as to group risk management, to continue the Group's focus on underwriting excellence. The tasks of the regional presidents will be reallocated as the roles will no longer exist in the new set-up.

Group CEO Christian Mumenthaler said: "The planned changes will emphasise performance accountabilities and bring clear efficiencies. The simpler set-up with shorter decision paths will also result in enhanced client focus."

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More on this story

20 February 2023   The leadership changes will take effect from July 1 following regulatory approvals.
13 April 2023   Swiss Re ‘cannot be satisfied’ with ‘22 results, but overhaul built ‘more effective & agile’ group.
21 September 2023   ‘Strategic’ revamp sees Swiss Re’s CEO of Americas reinsurance role phased out.