UBS boss gets re-elected as Swiss Re chairman ahead of departure from reinsurer

UBS boss gets re-elected as Swiss Re chairman ahead of departure from reinsurer | Insurance Business Australia

Insurance News

UBS boss gets re-elected as Swiss Re chairman ahead of departure from reinsurer

Exact exit date to be announced later on

Insurance News

By
Terry Gangcuangco

Sergio P. Ermotti, who is back at UBS as chief executive, has been re-elected as chair of Swiss Re ahead of his imminent departure from the reinsurance giant.

In a release following the company’s annual general meeting, Swiss Re noted: “Shareholders approved the re-election of Sergio P. Ermotti as the chairman of the board of directors. As announced on March 29, 2023, Sergio P. Ermotti will step down after the AGM and a short handover period.

“The board of directors has appointed Jacques de Vaucleroy as vice chairman and as lead independent director. He will chair the board of directors until a new chairperson has been elected by an extraordinary meeting of shareholders.”

Ermotti’s re-election was proposed prior to his appointment at UBS, which took effect on April 5. As for the exact date of his exit from Swiss Re, the reinsurer said this will be announced in due course.

Meanwhile, Swiss Re shareholders also approved the board’s proposal to pay out an ordinary dividend of US$6.40 per share for the 2022 financial year.

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