Swiss Re replaces Group CEO
Published: Wednesday, Apr 3rd 2024, 08:50
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There will be a changing of the guard at the top of Swiss Re by the middle of the year. Christian Mumenthaler, who has been Group CEO for many years, will be leaving the reinsurer. His successor as CEO of the Group will be Andreas Berger.
The Board of Directors has appointed Berger as Group CEO with effect from July 1, 2024, Swiss Re announced on Wednesday. Christian Mumenthaler will step down. His resignation does not come as a complete surprise, as he has worked for Swiss Re since 1999 and has been at the helm of the Group for eight years.
Mumenthaler steered Swiss Re through difficult times with increased natural catastrophe activity, an unprecedented low interest rate environment and the Covid pandemic, the Board of Directors paid tribute to the departing CEO. During his time as CEO, premiums earned rose from around USD 30 billion in 2015 to USD 45 billion last year and capitalization was strengthened.
However, there have also been some cracks in Mumenthaler's track record recently. For example, Swiss Re's profitability has been worse than that of its competitors in recent years, with a few exceptions, writes Simon Foessmeier, insurance expert at Bank Vontobel, in his short commentary.
Successful with Corporate Solutions
Mumenthaler is quoted in the communiqué as saying that he is pleased to be able to hand over the helm. Swiss Re is in good hands with Andreas Berger. "I believe that now is the right time for me to open a new chapter," said the CEO. However, it is not clear from the press release what he plans to do after his departure.
The Board of Directors is also convinced that Berger is the right leader to "build on the company's positive momentum" and lead Swiss Re into the next phase. Berger joined the Group five years ago and managed to turn around the Corporate Solutions division, which had been performing poorly for years and offered primary insurance to major corporate clients.
Previously, Berger held various management positions at Boston Consulting Group, Gerling and Allianz, among others. The 57-year-old German national is also Chairman of the Executive Council of the International Insurance Society and a member of the Board of Advance, a Swiss initiative for gender equality in business.
Search underway for Berger's successor
Berger will step down from his current position as Head of Corporate Solutions when he takes up the position of CEO of the Group. The selection process for a successor at the head of the primary insurance division has already been initiated, according to reports.
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