25 February 2016 Insurance

Swiss Re promotes exec to group CEO as Liès retires

Christian Mumenthaler is to become the group chief executive officer (CEO) of Swiss Re on 1 July 2016, after the retirement of Michel Liès, current group CEO of Swiss Re.

Mumenthaler has been with Swiss Re for 17 years, most recently as CEO of reinsurance.

Walter Kielholz, chairman of the Board of Directors, said: "The Board of Directors wishes to thank Michel Liès for the more than 35 years of service to Swiss Re, the last four as group CEO.

“Throughout his career, Michel has lived Swiss Re's highest values and has been key to our Group's continued strong performance. Under his leadership over the past four years, net income has almost doubled, the capital base has increased significantly and we have distributed more than $ 12 billion of excess capital back to shareholders.”

He added: “It is fitting that we make this announcement at the end of a successful 2011–2015 financial target period, and after having introduced a new strategic framework."

Liès said: "I am passionate about Swiss Re's future. I am convinced that Christian Mumenthaler and his team will further strengthen the role of Swiss Re in our industry and our society more generally. It is an honour and a privilege to work for this great company. I will always be proud to have been part of Swiss Re."

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