“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.”
German-born Lippe has been with the company for 25 years and was appointed a member of Swiss Re’s Executive Board in 1995. He served in a variety of roles in the company’s reinsurance, property/casualty and life/health businesses before assuming the role of COO and deputy CEO in September 2008.
Lippe takes the helm at a tough time for the company. Despite strong underwriting performance in its core businesses, Swiss Re reported an $858 million loss for 2008, due mostly to investment losses. At the same time, the company announced it was accepting a $2.6 billion investment from Omaha, Neb.-based Berkshire Hathaway to strengthen its capital position.
“I am clear about the challenges that Swiss Re needs to address,’’ Lippe said in a statement. “Our core re/insurance portfolio is sound. We are focused on meeting our clients’ needs, creating shareholder value and providing quality career opportunities in a stimulating business environment. I look forward to working closely with the Board, the executive team and the employees of Swiss Re in my new capacity.’’
