World reinsurance firm Swiss Re has introduced a succession plan for the place of Group CEO this morning, as incumbent Christian Mumenthaler is leaving the corporate after 25 years, and in his place Andreas Berger is being promoted to the position from July 1st.
Mumenthaler joined Swiss Re in 1999 and held a variety of senior roles earlier than turning into the Chief Govt Officer of the Reinsurance division in October 2011.
Throughout his time at Swiss Re, Mumenthaler had accountability for the insurance-linked securities (ILS) operations of the corporate, having led the division that capital markets actions fell below.
He all the time had a ardour for this space of the Swiss Re enterprise and had been a key promoter for ILS and capital markets actions as an space for the agency’s future improvement throughout his tenure, one thing Mumenthaler mentioned with Artemis throughout his sequence of video interviews with us.
Mumenthaler grew to become Group CEO of Swiss Re in 2016 and has held the position for 8 years. He has had an influence throughout the worldwide insurance coverage and reinsurance trade given his quite a few positions at trade teams together with the Geneva Affiliation the place he’s Chairman, and as a member on the Pan-European Insurance coverage Discussion board, the World Reinsurance Discussion board, the Steering Committee of the Insurance coverage Growth Discussion board, and of Insurance coverage Europe’s Reinsurance Advisory Board.
As well as, Mumenthaler has had an influence resulting from his actions selling the worth of insurance coverage and reinsurance at C-Suite and authorities stage occasions, not least as Co-Chair of the WEF Alliance of CEO Local weather Leaders.
Andreas Berger will take over the Group CEO position at Swiss Re from July 1st 2024.
He’s at the moment the CEO of Swiss Re Company Options, the company insurance coverage arm of the corporate and a variety course of to decide on a successor for that place in now underway on the agency.
Berger had joined Swiss Re in March 2019 as Chief Govt Officer Company Options and member of the Group Govt Committee, after years working in senior positions at main insurers Allianz and Gerling, in addition to spending a while at Boston Consulting.
Jacques de Vaucleroy, Swiss Re’s Vice Chairman of the Board of Administrators, commented on the information, “The Board unanimously decided that Andreas Berger is the proper particular person to construct on the agency’s present momentum and lead Swiss Re into the subsequent part of its improvement. After 5 years with Swiss Re, he appears again on a convincing observe document, underscored by the profitable turnaround of the Company Options Enterprise Unit he has led. He has demonstrated a powerful give attention to execution whereas on the identical time innovating the enterprise with information analytics-based options. He’ll carry ahead a tradition of efficiency and achievements and powerful management values. The Board’s thorough succession planning course of has resulted within the appointment of an excellent candidate for the position of Group CEO whereas it has additionally demonstrated the energy and depth of Swiss Re’s management expertise.
“Christian Mumenthaler steered the corporate by means of a interval with elevated pure disaster exercise, an unprecedented low rate of interest atmosphere and the COVID-19 pandemic. Throughout his eight- yr tenure, Swiss Re’s premiums earned and charge revenue grew from round USD 30 billion in 2015 to USD 45 billion in 2023 and Group capitalisation was additionally strengthened considerably, as evidenced by the elevated Swiss Solvency Take a look at ratio. With the tailwind of delivering on all 2023 monetary targets, a dividend enhance, and the optimistic results of Group reorganisation coming by means of, now’s the proper second for CEO succession. Christian is an extremely devoted, passionate, and intellectually sturdy chief who has made an influence, additionally past Swiss Re. On behalf of the Board, I need to specific gratitude and appreciation for his sturdy dedication and his contributions to the success of the agency. We want him all the very best.”
Mumenthaler added, “It has been a real privilege to serve and lead Swiss Re for thus lengthy. I’m immensely grateful for the expertise and for the progress the complete firm has made throughout this time, rallying a lot excellent expertise behind a significant objective. I’m happy to be handing over the helm when the corporate has been in a position to ship on its guarantees. I really feel now’s the proper second for me to maneuver on. It’s improbable that we appoint one in every of my colleagues to succeed me. With Andreas, Swiss Re will probably be in good palms.”
Andreas Berger mentioned, “I’m honoured by the Board’s resolution to nominate me to guide this nice firm. Swiss Re has an excellent international consumer franchise throughout Reinsurance and Company Options, underpinned by the extremely sturdy Swiss Re model and capital place. I’m trying ahead to working with all my colleagues on the Group Govt Committee, Swiss Re’s workers and the Board of Administrators to additional strengthen this franchise and serve Swiss Re’s shoppers to realize their objectives.”
