Swiss Re announced plans to streamline its organizational structure by splitting its current Reinsurance Business Unit into P&C Re and L&H Re, while creating a new business unit called Global Clients and Solutions.
Swiss Re Corporate Solutions will continue as a business unit.
The reorganization, which aims to simplify structures, improve efficiency and client experience, will be effective on April 3, 2023, subject to regulatory approvals, Swiss Re said.
The P&C Re and L&H Re business units will each have full authority over the respective underwriting and claims management processes. The responsibilities of 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, “to continue the group’s focus on underwriting excellence,” Swiss Re added.
Urs Baertschi, currently chief executive officer Reinsurance EMEA, will lead P&C Re, while Paul Murray, currently CEO Reinsurance Asia Pacific, will lead L&H Re.
Moses Ojeisekhoba, currently CEO Reinsurance, will take over leadership of Global Clients and Solutions, a new business unit that will contain the client management teams servicing Swiss Re’s global reinsurance clients, Public Sector Solutions, iptiQ and Reinsurance Solutions.
Corporate Solutions will continue under the leadership of Andreas Berger.
The tasks of the regional presidents will be reallocated as the roles will no longer exist in the new set-up.
Swiss Re said the reorganization will not change the way the group reports its financial results externally.
“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,” commented Group CEO Christian Mumenthaler.
Source: Swiss Re, Photo: Philipp Schmidli/Bloomberg