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Swiss Re appoints Andreas Berger as new CEO from July
Global Banking & Finance Review®
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ZURICH (Reuters) -Reinsurance company Swiss Re said on Wednesday Andreas Berger would become group chief executive officer from July, replacing Christian Mumenthaler, who will be stepping down after eight years at the helm.
ZURICH (Reuters) -Reinsurance company Swiss Re said on Wednesday Andreas Berger would become group chief executive officer from July, replacing Christian Mumenthaler, who will be stepping down after eight years at the helm.
“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,” said Jacques de Vaucleroy, vice chairman of Swiss Re’s board.
The sudden announcement follows a strong recovery by the firm in 2023 after a challenging 2022, which has helped to push the company’s stock to its highest level in several years. Net profit at Swiss Re surged 580% in 2023.
A company spokesperson said Mumenthaler had had a long tenure, describing the handover as an “orderly transition.”
“The company is in a good position, and markets are good. So it’s a good time for a change,” the spokesperson said.
De Vaucleroy said Berger had a convincing track record, underscored by the successful turnaround of the corporate solutions business unit he has led.
Rwanda-born Berger, 57, is a German national who joined Swiss Re in March 2019 as CEO of corporate solutions and member of the group executive committee, the company said.
The 54-year-old Mumenthaler, who will be leaving the company, joined Swiss Re in 1999 and rose through the ranks to become CEO in July 2016.
(Reporting by Andrey Sychev and Paul Arnold; Editing by Dave Graham and Jacqueline Wong)
Reinsurance is a financial arrangement where an insurance company transfers a portion of its risk to another insurance company to reduce the likelihood of paying a large obligation resulting from an insurance claim.
Net profit is the amount of money that remains after all expenses, taxes, and costs have been subtracted from total revenue. It is an important indicator of a company's profitability.
Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled. It encompasses the mechanisms through which companies, and their stakeholders, are held accountable.
A board of directors is a group of individuals elected to represent shareholders and oversee the activities of a company. They are responsible for making key decisions and ensuring the company's prosperity.
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