What’s New: In Brief (April 02, 2009)

Swiss Re has announced restructuring initiatives that include the appointment of Agostino Galvagni as chief operating officer of the executive committee, effective May 1, 2009.
The reinsurer has also announced it intends to reduce its current global headcount of 11,560 by roughly 10% over the next 12 months, according to a release.
The company intends to accelerate efforts to simplify the organization and improve operational effectiveness, leading to running cost reductions of CHF400 million (Cdn$436 million) by the end of 2010, the release notes.
Swiss Re says it will streamline its worldwide office network, operating through offices that are solely dedicated to servicing clients, and will further consolidate support resources into fewer locations in order to achieve economies of scale.

York Fire & Casualty has launched a new surety lines department based in Mississauga, Ontario.
Neville Harriman has been appointed senior director of surety business development
He brings more than 30 years experience in the general insurance industry.
“York will provide local underwriting and service, drawing on support from the extensive surety operations of our sister company, l’Unique General Assurance Company (l’Unique), with their offices in Montreal and Quebec City,” Lori Corrigan, vice president and chief operating officer of York, said in a release. “We will distribute custom tailored products and programs solely through the independent broker channel, reaffirming our support of this insurance distribution network.”