Global: Swiss Re to split its life and non-life operations
Source: Middle East Insurance Review | Mar 2023
Swiss Re announced plans to separate its life and non-life activities into two independent entities. The restructuring is aimed to streamline its organisational structure, said Swiss Re.
The current reinsurance business unit will be split into P&C Re and L&H Re, with each having full authority over the respective underwriting and claims management processes. Mr Urs Baertschi, currently CEO Reinsurance EMEA, will lead P&C Re, while Mr Paul Murray, currently CEO Reinsurance Asia Pacific, will lead L&H Re.
Mr Moses Ojeisekhoba, currently CEO Reinsurance, will take over leadership of Global Clients and Solutions. This Business Unit will contain the client management teams servicing Swiss Re’s global reinsurance clients, Public Sector Solutions, iptiQ and Reinsurance Solutions.
Corporate Solutions continues as a business unit under the leadership of Mr Andreas Berger.
The reorganisation will not change the way Swiss Re reports its financial results externally.
Group CEO Christian Mumenthaler said, “The planned changes will emphasise performance accountabilities and bring clear efficiencies. The simpler set-up with shorter decision paths will also result in enhanced client focus.”
The reinsurer said that the reorganisation, which aims to simplify structures, improve efficiency and client experience, will be effective 3 April 2023, subject to regulatory approvals. M