Canadian Underwriter

Swiss Re Trims Workforce


March 25, 2010   by Terri Goveia


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Swiss Re will trim 10% of its international workforce in a bid to simplify and streamline operations, the reinsurer announced Thursday.

Going forward, the company will pare down the number of offices in its network, only operating through those that service clients, and consolidate support offices “in order to achieve economies of scale,” according to a Swiss Re statement. The measures are part of its long-range plan to refocus on its core business, improve efficiency and trim costs by 400 million CHF by 2010. The streamlining is expected to affect over 1,100 jobs-roughly 10% of its 11, 560 global headcount–within the next year.

It’s not clear how-or if– the downsizing will affect Swiss Re’s Canadian operations. The company hasn’t singled out any particular regions for downsizing at present, nor has it determined which percentage of the cuts are coming from where, says Alayna Francis, Swiss Re spokesperson. “They’re happening over the next 12 months and [the company] will evaluate each region,” she told CI today.

The reinsurer signaled its intentions to speed up efficiency efforts, naming a new chief operating officer to put things in motion. Agostino Galvagni, the current head of Swiss Re’s insurance and specialty, client markets, will take on the COO role, as well as a role on the company’s executive committee as of May 1.

The company continues its efforts to free up capital for its reinsurance operations and “de-risk” its investment portfolio, according to the statement.

This story was originally published by Canadian Insurance Top Broker.


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