Jacques Aigrain has resigned from his post as chief executive officer of Swiss Reinsurance Company Ltd.
Stefan Lippe, 53, who has been the deputy CEO and chief operating officer at Swiss Re, Zurich, is now the company’s CEO, Swiss Re says.
Peter Forstmoser, continues to be chairman of the Swiss Re board.
Aigrain, 55, has been CEO of Swiss Re since 2005.
“Having taken measures to reinforce the group’s capital strength and further de-risk its investment portfolio, the interests of Swiss Re are now best served by a change in executive leadership,” Aigrain says in a statement distributed by Swiss Re. “Stefan Lippe has been the architect of Swiss Re’s focus on disciplined, quality underwriting in the reinsurance business. I am proud to have had him by my side as a trusted colleague and wish him and the team the greatest of success for Swiss Re to shine anew.”
Lippe has worked for Swiss Re for 25 years, and he joined the company’s executive board in 1995. In 2001, he became head of the Swiss Re worldwide property-casualty business. In 2005, he took charge of life and health underwriting as well as p-c underwriting.
Lippe has been Swiss Re’s COO since September 2008.
”I am clear about the challenges that Swiss Re needs to address,” Lippe says. “Our core reinsurance portfolio is sound. We are focused on meeting our clients’ needs, creating shareholder value and providing quality career opportunities in a stimulating business environment.”
Swiss Re notes in a standard discussion of risk factors that it, like other insurers and reinsurers, faces a number of challenges, including “the direct and indirect impact of the continuing deterioration in the financial markets and the efficacy of efforts to strengthen financial institutions and stabilize the credit.”
Swiss Re also faces risks relating to its “ability to maintain sufficient liquidity and access capital markets, including sufficient liquidity to cover potential recapture of reinsurance agreements, early calls of debt or debt-like arrangements and collateral calls under derivative contracts due to actual or perceived deterioration of Swiss Re’s financial strength,” the company says.