Global reinsurance giant Swiss Re announced today that Andreas Berger is being promoted to become its new Group Chief Executive Officer, effective July 1st 2024, taking over that position from Christian Mumenthaler, who will step down after 25 years with the company.
Berger will step down from his current position as the CEO of Swiss Re Corporate Solutions, the commercial and large insurance arm of Swiss Re and a selection process is underway to find his replacement.
Mumenthaler has been the Group CEO of Swiss Re for eight years, during which time the company has expanded in size and solidified its position as one of the largest companies in the re/insurance industry.
Jacques de Vaucleroy, Swiss Re’s Vice Chairman of the Board of Directors, said, “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.”
Christian Mumenthaler commented, “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, the incoming Group CEO of Swiss Re, added, “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.”
Berger joined Swiss Re March 2019 as Chief Executive Officer of the Corporate Solutions division and became a member of the Group Executive Committee.
Prior to that, he has held leadership positions at Boston Consulting Group, Gerling, and Allianz, including being appointed Allianz Global Corporate & Specialty SE (AGCS) Chief Executive Officer, Regional Unit London in 2009. In 2011, he also joined the AGCS Board of Management as Chief Regions & Market Officer (Central & Eastern Europe, Mediterranean, Africa and Asia) and had also taken on responsibility for the Global Broker Channel Distribution for the Allianz Group.
Berger is Chairman of the International Insurance Society and a board member of Advance, the Swiss initiative for gender equality in business.
Mumenthaler joined Swiss Re in 1999. He served as Group Chief Risk Officer from 2005 to 2007 and was Head of Life & Health between 2007 and 2010. In January 2011, he became the Chief Marketing Officer Reinsurance and member of the Group Executive Committee and became Chief Executive Officer Reinsurance in October 2011. Then, in July 2016, Mumenthaler was appointed Group Chief Executive Officer.
Demonstrating the key role he has played across insurance and reinsurance industry initiatives, Mumenthaler is Chairman of the Geneva Association, Co-Chair of the WEF Alliance of CEO Climate Leaders, board member of economiesuisse and member of the Pan-European Insurance Forum, the Global Reinsurance Forum, the Steering Committee of the Insurance Development Forum, Insurance Europe’s Reinsurance Advisory Board and the Board of Trustees of the St. Gallen Foundation for International Studies.
