Swiss Reinsurance Company Ltd. says it will lay off about 1,000 of its employees and focus on its most profitable businesses.

Swiss Re, Zurich, says it will reduce its current worldwide head count of 11,560 by about 10% over the next 12 months.

The reinsurer will “increase its focus on profitable core business and strengthen its capital position,” the company says.

Swiss Re “will streamline the worldwide office network,” the company says. “Swiss Re will operate through offices that are solely dedicated to servicing clients and will further consolidate support resources into fewer locations in order to achieve economies of scale.”

Swiss Re also will be looking for ways to free up capital, reduce its exposure to investment portfolio risk, and put capital in more profitable operations, the company says.

In related news, the company has named Agostino Galvagni to be chief operating officer and a member of the company’s executive committee.

Galvagni has been head of insurance and specialty in client markets.

In 1998, he worked in New York in a unit that structured and marketed insurance-linked and asset-backed securities.