Swiss Re names new Group CEO, as Mumenthaler to depart and Berger to take over

Global reinsurance company Swiss Re has announced a succession plan for the position of Group CEO this morning, as incumbent Christian Mumenthaler is leaving the company after 25 years, and in his place Andreas Berger is being promoted to the role from July 1st.

Mumenthaler joined Swiss Re in 1999 and held a number of senior roles before becoming the Chief Executive Officer of the Reinsurance division in October 2011.

During his time at Swiss Re, Mumenthaler had responsibility for the insurance-linked securities (ILS) operations of the company, having led the division that capital markets activities fell under.

He always had a passion for this area of the Swiss Re business and had been a key promoter for ILS and capital markets activities as an area for the firm’s future development during his tenure, something Mumenthaler discussed with Artemis during his series of video interviews with us.

Mumenthaler became Group CEO of Swiss Re in 2016 and has held the role for 8 years. He has had an impact across the global insurance and reinsurance industry given his numerous positions at industry groups including the Geneva Association where he is Chairman, and as a member at the Pan-European Insurance Forum, the Global Reinsurance Forum, the Steering Committee of the Insurance Development Forum, and of Insurance Europe’s Reinsurance Advisory Board.

In addition, Mumenthaler has had an impact due to his activities promoting the value of insurance and reinsurance at C-Suite and government level events, not least as Co-Chair of the WEF Alliance of CEO Climate Leaders.

Andreas Berger will take over the Group CEO role at Swiss Re from July 1st 2024.

He is currently the CEO of Swiss Re Corporate Solutions, the corporate insurance arm of the company and a selection process to choose a successor for that position in now underway at the firm.

Berger had joined Swiss Re in March 2019 as Chief Executive Officer Corporate Solutions and member of the Group Executive Committee, after years working in senior positions at major insurers Allianz and Gerling, as well as spending some time at Boston Consulting.

Jacques de Vaucleroy, Swiss Re’s Vice Chairman of the Board of Directors, commented on the news, “The Board unanimously determined that Andreas Berger is the right person to build on the firm’s current momentum and lead Swiss Re into the next phase of its development. After five years with Swiss Re, he looks back on a convincing track record, underscored by the successful turnaround of the Corporate Solutions Business Unit he has led. He has demonstrated a strong focus on execution while at the same time innovating the business with data analytics-based solutions. He will carry forward a culture of performance and achievements and strong leadership values. The Board’s thorough succession planning process has resulted in the appointment of an outstanding candidate for the role of Group CEO while it has also demonstrated the strength and depth of Swiss Re’s leadership talent.

“Christian Mumenthaler steered the company through a period with elevated natural catastrophe activity, an unprecedented low interest rate environment and the COVID-19 pandemic. During his eight- year tenure, Swiss Re’s premiums earned and fee income grew from around USD 30 billion in 2015 to USD 45 billion in 2023 and Group capitalisation was also strengthened substantially, as evidenced by the increased Swiss Solvency Test ratio. With the tailwind of delivering on all 2023 financial targets, a dividend increase, and the positive effects of Group reorganisation coming through, now is the right moment for CEO succession. Christian is an incredibly dedicated, passionate, and intellectually strong leader who has made an impact, also beyond Swiss Re. On behalf of the Board, I want to express gratitude and appreciation for his strong commitment and his contributions to the success of the firm. We wish him all the best.”

Mumenthaler added, “It has been a true privilege to serve and lead Swiss Re for so long. I am immensely thankful for the experience and for the progress the entire company has made during this time, rallying so much outstanding talent behind a meaningful purpose. I am pleased to be handing over the helm when the company has been able to deliver on its promises. I feel now is the right moment for me to move on. It is fantastic that we appoint one of my colleagues to succeed me. With Andreas, Swiss Re will be in good hands.”

Andreas Berger said, “I am honoured by the Board’s decision to appoint me to lead this great company. Swiss Re has an outstanding global client franchise across Reinsurance and Corporate Solutions, underpinned by the incredibly strong Swiss Re brand and capital position. I’m looking forward to working with all my colleagues on the Group Executive Committee, Swiss Re’s employees and the Board of Directors to further strengthen this franchise and serve Swiss Re’s clients to achieve their goals.”