Swiss Re CEO to assume CUO duties following Léger’s exit after 25 years – updated

Global reinsurer Scor has appointed Thierry Léger as chief executive officer.

Laurent Rousseau, who succeeded Denis Kessler as CEO on 30 June has resigned from his position as CEO and from his position on the board and is leaving the group to pursue other professional opportunities.

Léger joins from Swiss Re where he was group chief underwriting officer (CUO), having started at the reinsurer in 1997 as engineering underwriter.

Chief underwriting officer responsibilities will be taken on by Swiss Re chief executive Christian Mumenthaler following his departure.

Mumenthaler, who also paid tribute to Léger for his contribution over his 25 years with the business, said: “Thierry made great contributions to many parts of our business, from reinsurance to former life capital business unit, to group underwriting.

“Since his appointment as group CUO in 2020, he has successfully evolved our underwriting capabilities through utilising cutting-edge research, access to more and better data and analytics.

“On behalf of the entire group executive committee, I would like to thank Thierry for his dedication and commitment to Swiss Re and wish him all the success for the future.”

 

Starting on 1 May

Scor’s board of directors, acting on the proposal of the firm’s nomination committee, has unanimously decided to appoint Léger and he will take up his post as CEO from 1 May, the reinsurer said.

Denis Kessler, chairman of Scor, said Léger was an experienced and skilled reinsurer who was an expert in life and non-life reinsurance.

“Having held key positions at a major global reinsurance company, he has all the skills required to lead the Scor group and forge a new strategic vision for the company, while pursuing an underwriting policy based entirely on technical profitability,” Kessler said.

“By giving high priority to capital allocation and returns, and by practicing very strict risk management, Thierry Léger will restore the group’s profitability and maintain its high level of solvency, to the benefit of all stakeholders: clients, shareholders and employees.

“Scor is embarking on a new chapter in its history. On behalf of the board of directors, I would like to thank Laurent Rousseau for the contribution he has made to the group during a particularly difficult period.”

Léger (pictured) added he was very happy to be joining the firm and would focus all his energy on giving fresh impetus to it.

“I plan to actively pursue the growth of the company by continuing to develop its products and its structure,” he said.

“The reinsurance sector offers many opportunities, both on the liability side with the increased demand for cover and the improvement of terms and conditions, and on the asset side with the rise in interest rates.

“I am convinced that Scor is well placed to take full advantage of this favourable environment. I know that I can count on highly skilled and experienced teams, and on excellent client relations.”

The board of directors will propose that Léger join the board at the the firm’s 2023 general meeting.

 

 

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