Swiss Re has appointed Mark Hodges as Chief Executive Officer (CEO) of its UK closed book business, ReAssure, as it continues to explore options for a potential initial public offering (IPO) in 2019.
Hodges, who is currently CEO of the Consumer division at British energy and services company Centrica, will be tasked with guiding ReAssure through the anticipated IPO and leading the next phase of the company’s expansion.
He brings more than two decades of experience in leadership roles at major UK insurers to his new position, and was recently responsible for driving improvements in customer service and costs at Centrica.
CEO Christian Mumenthaler said in August that the Swiss Re was no longer “the ideal owner” of ReAssure following an announcement that the reinsurer would consider an IPO in 2019.
Given the size of potential opportunities that are expected to arise in the market in the mid-term, Swiss Re noted that it is important for ReAssure to have access to substantial new capital to acquire additional closed books.
Prior to joining Centrica, Hodges was the Group CEO at specialist insurance broker Towergate Partnership, before which he spent over 20 years with Aviva.
While at Aviva, he was instrumental in growing the business and dealing with complex legacy issues. He was a member of the Aviva Board from 2009-2011, served as CEO of Aviva UK from 2010-2011, and was CEO of Aviva UK Life from 2005-2009.
“We are very pleased to have Mark Hodges as the new CEO for ReAssure,” said Thierry Léger, CEO of Swiss Re Life Capital.
“He combines strong leadership skills with deep industry knowledge,” Léger continued. “I am confident that he is the right person to lead ReAssure through the next stage of its development into an even more successful future.”