Swiss Re, one of world’s largest reinsurers, has announced plans to streamline its organisational structure, which includes splitting its Reinsurance Business Unit into P&C Re and L&H Re.
Subject to regulatory approvals, the changes are effective April 3rd, 2023, and designed to simplify structures and improve efficiency and client experience.
The new P&C Re and L&H Re business units will each have full authority over their respective underwriting and claims management process.
P&C Re will be led by Urs Baertschi, current Chief Executive Officer (CEO) Reinsurance EMEA, while Paul Murray, currently CEO Reinsurance Asia Pacific, will lead L&H Re.
The current CEO of Reinsurance at Swiss Re, Moses Ojeisekhoba, is set to take over leadership of Global Clients and Solutions, which will contain the client management teams servicing the company’s global reinsurance clients, Public Sector Solutions, iptiQ, and Reinsurance Solutions.
Swiss Re Corporate Solutions will continue as a business unit under the leadership of Andreas Berger.
Additionally, 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, in order to continue the firm’s focus on underwriting excellence.
The tasks of the Regional Presidents will also be reallocated as the roles will cease to exist in the new set-up.
Christian Mumenthaler, Group CEO, commented: “The planned changes will emphasise performance accountabilities and bring clear efficiencies. The simpler set-up with shorter decision paths will also result in enhanced client focus.”