Swiss Re disclosed measures to simplify its organizational structure by splitting its reinsurance business unit into two distinct businesses subject to regulatory approvals, the reorganization, which aims to improve efficiency and client satisfaction, was effective on April 3, 2023.
With full control over their separate underwriting and claims management procedures, the present Reinsurance Business Unit will be divided into P&C Re and L&H Re. P&C Re will be led by Paul Murray, the current CEO of Reinsurance Asia Pacific, and L&H Re will be led by Urs Baertschi, the current Chief Executive Officer of Reinsurance EMEA.
The current CEO of Reinsurance, Moses Ojeisekhoba, will become the new head of Global Clients and Solutions. This Business Unit will house the client management teams supporting Public Sector Solutions, iptiQ, and Reinsurance Solutions, as well as Swiss Re’s international reinsurance clients.
Andreas Berger remains in charge of Corporate Solutions as a Business Unit.
The duties of the Group Chief Underwriting Officer will be transferred, most significantly to the CUOs of P&C Re and L&H Re as well as to Group Risk Management, in order to maintain the Group’s emphasis on underwriting excellence. The Regional Presidents’ responsibilities will be reorganized because their roles won’t exist under the new system.
The manner in which presents its financial results to the public won’t alter as a result of the reorganization.
“The planned changes will emphasize performance accountabilities and bring clear efficiencies,” stated Group CEO Christian Mumenthaler. Improved client focus will also arise from the simplified setup and shorter decision-making processes.
