Swiss Re is to split its reinsurance business unit into two divisions – property and casualty (P&C) reinsurance, and life and health (L&H) reinsurance.
The reorganisation will be effective from 3 April 2023, subject to regulatory approvals, and the reinsurer said it aims to “simplify structures, improve efficiency and client experience”.
The move sees the current reinsurance business unit split into P&C Re and L&H Re, with each having full authority over the respective underwriting and claims management processes.
Urs Baertschi, currently chief executive officer reinsurance EMEA, will lead P&C Re, while Paul Murray, currently CEO reinsurance Asia Pacific, will lead L&H Re.
Moses Ojeisekhoba, currently CEO reinsurance, will take over leadership of global clients and solutions. This business unit will contain the client management teams servicing Swiss Re’s global reinsurance clients, public sector solutions, IptiQ and reinsurance solutions.
Corporate solutions continues as a business unit under Andreas Berger.
The responsibilities of the group chief underwriting officer (CUO) will be reallocated following Thierry Léger’s departure, most importantly to the CUOs of P&C Re and L&H Re, as well as to group risk management.
The role of the regional presidents will be reallocated as the roles will no longer exist in the new set-up.
Swiss Re added the reorganisation will not change the way it reports its financial results externally.
Christian Mumenthaler, group CEO at Swiss Re, (pictured) said: “The planned changes will emphasise performance accountabilities and bring clear efficiencies. The simpler set-up with shorter decision paths will also result in enhanced client focus.”