Swiss Re chief executive resigns
The chief executive of Swiss Re has resigned: Jacques Aigrain has been replaced by Stefan Lippe, former deputy chief executive and chief operating officer of the group, with immediate effect.
Stefan Lippe was appointed to Swiss Re’s executive board in 1995, moving on to head the group’s Property & Casualty business before being appointed chief operating officer and deputy chief executive, in 2008.
The change comes one week after Berkshire Hathaway, the investment vehicle of legendary investor Warren Buffett, announced it would be increasing its stake in the world’s second-biggest reinsurer by injecting SwFr3 billion into the group.
Such a deal could give Mr Buffett 30% of the business, when combined with the 3% stake he acquired a year ago.
Swiss Re has warned that it expects to post net losses of SwFr1 billion for 2008 and says it is looking to raise further equity of up to SwFr2 billion.
Mr Aigrain’s departure may therefore be connected to a proposed rights issue, which together with the Berkshire Hathaway deal will need shareholder approval.
Swiss Re has also announced that it is winding up its financial markets business, which helped to produce writedowns of SwFr6 billion in 2008.
Category: Companies News, Employment News, Insurance News
Visited 1601 times, 2 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.