Swiss Re CEO steps down amidst economic turmoil

Jacques Aigrain has announced his resignation as CEO of Swiss Re, effective Feb. 18, 2009.
The reinsurer’s board of directors has appointed Stefan Lippe, currently Deputy Chief Executive Officer and COO, as his successor.
In early February, Swiss Re announced an expected net loss of CHF 1 billion (roughly the same in Canadian dollars) for 2008. At the end of last year, A.M. Best assigned a negative outlook to Swiss Re due to concerns that continuing turmoil in the markets could further erode the company’s capital position and negatively impact earnings for 2009.
“Having taken measures to reinforce the Group’s capital strength and further de-risk its investment portfolio, the interests of Swiss Re are now best served by a change in the executive leadership,” Jacques Aigrain said in a statement.
Lippe has been with Swiss Re for 25 years. In 2005 he led the reinsurer’s property and casualty and life and health underwriting activities, and in September 2008, assumed the role of COO and was appointed deputy CEO.
“I am clear about the challenges that Swiss Re needs to address,” Lippe said. “Our core re/insurance portfolio is sound… I look forward to working closely with the board, the executive team and the employees of Swiss Re in my new capacity.”