Swiss Re’s Board of Directors has accepted the resignation of CEO Jacques Aigrain. The news comes a week after the Zurich-based insurer announced it expects to record a net loss for the previous fiscal year. Hoping for operational continuity, the company said Deputy CEO and COO Stefan Lippe would succeed Aigrain as of Feb.18.

“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 executive leadership,” Aigrain said in a statement. “Stefan Lippe has been the architect of Swiss Re‘s focus on disciplined, quality underwriting in the reinsurance business. I am proud to have had him by my side as a trusted colleague and wish him and the team the greatest of success for Swiss Re to shine anew.”

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