Poor results lead to resignation and deputy takes over
Swiss Re’s boss Jacques Aigrain has resigned after the company’s poor results and has been replaced by as chief executive by his deputy Stefan Lippe.
Aigrain said: “Having taken measures to reinforce the Group’s capital strength and further de-risk its investment portfolio, the interests of Swiss Re are now best served by a change in executive leadership. Stefan Lippe has been the architect of Swiss Re‘s focus on disciplined, quality underwriting in the reinsurance business. I am proud to have had him by my side as a trusted colleague and wish him and the team the greatest of success for Swiss Re to shine anew.”
The company said Lippe (53, German national) has a long career as a reinsurance expert and has been with the group for 25 years. He was appointed a member of Swiss Re’s executive board in 1995, and served for 10 years as chief executive of the Bavarian Re group. In 2001, he was appointed as head of the property & casualty business worldwide and as a member of the executive committee. Beginning in 2005, he led Swiss Re’s property & casualty and life & health underwriting activities, and in September 2008, assumed the role of chief operating officer and was appointed deputy chief executive.
Peter Forstmoser, Swiss Re chairman said: ‘’We are very pleased that Stefan Lippe assumes the CEO position. His proven track record in reinsurance will support our efforts to focus on our core business, while at the same time ensuring operational continuity. Stefan Lippe brings hands-on expertise, a clear strategic focus and a reputation for delivery of bottom-line results.’’
‘’I am clear about the challenges that Swiss Re needs to address,’’ said Lippe. “Our core reinsurance portfolio is sound. We are focused on meeting our clients’ needs, creating shareholder value and providing quality career opportunities in a stimulating business environment. I look forward to working closely with the board, the executive team and the employees of Swiss Re in my new capacity.’’
