The current Reinsurance Business Unit will be divided into P&C Re and L&H Re, with each having full authority over the respective underwriting and claims management processes, according to yesterday's announcement from the global reinsurance giant.
The reinsurer stated in a statement that the reorganization, which aims to simplify structures, increase efficiency, and enhance the client experience, will take effect on April 3, 2023, subject to regulatory approvals.
"The planned changes will emphasize performance accountability and bring clear efficiencies," stated Group CEO Christian Mumenthaler. Additionally, enhanced client focus will result from the simpler configuration and shorter decision paths."
P&C Re will be led by Mr. Urs Baertschi, who is currently CEO Reinsurance EMEA, and L&H Re will be led by Mr. Paul Murray, who is currently CEO Reinsurance Asia Pacific.
The current CEO of Reinsurance, Mr. Moses Ojeisekhoba, will lead Global Clients and Solutions. Client management teams for Swiss Re's global reinsurance clients, Public Sector Solutions, iptiQ, and Reinsurance Solutions will be part of this business unit.
Mr. Andreas Berger continues to lead Corporate Solutions as a Business Unit.
In order to maintain the Group's focus on underwriting excellence, the Group Chief Underwriting Officer will be reallocated to the CUOs of P&C Re and L&H Re, as well as to Group Risk Management. Because the roles won't be there in the new setup, the Regional Presidents' responsibilities will be moved around.
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