Swiss Re splits reinsurance business

6 February 2023

Swiss Re has announced plans to streamline its structure, splitting its Reinsurance Business Unit into Property & Casualty Reinsurance (P&C Re) and Life & Health Reinsurance (L&H Re), effective April 3.

The reinsurer says the revamp – which is subject to regulatory approvals – will simplify structures, improve efficiency and client experience.

CEO Reinsurance EMEA Urs Baertschi will lead P&C Re while CEO Reinsurance Asia Pacific Paul Murray will lead the Life and Health unit.

Swiss Re says the two new divisions will have full authority over their respective underwriting and claims management processes.

“The planned changes will emphasise performance accountabilities and bring clear efficiencies,” Group CEO Christian Mumenthaler said.

“The simpler set-up with shorter decision paths will also result in enhanced client focus.”

As part of the changes, CEO Reinsurance Moses Ojeisekhoba will take over leadership of Global Clients and Solutions. The business unit will contain the client management teams servicing Swiss Re’s global reinsurance clients, Public Sector Solutions, iptiQ and Reinsurance Solutions.

Swiss Re says the responsibilities of the Group Chief Underwriting Officer (CUO) will be reallocated, most importantly to the CUOs of P&C Re and L&H Re, as well as to Group Risk Management.

It says the tasks of the Regional Presidents will be reallocated as the roles will no longer exist in the new set-up.