BRUSSELS (dpa-AFX) - Reinsurer major Swiss Re AG (SSREY) Thursday announced plans to streamline its organizational structure by splitting the current Reinsurance Business Unit into Property & Casualty Reinsurance and Life & Health Reinsurance or L&H Re. Each unit would be having full authority over the respective underwriting and claims management processes.
The reorganization, aims to simplify structures, improve efficiency and client experience, and would be effective 3 April 2023. The reorganization would not change the way Swiss Re reports its financial results externally.
Urs Baertschi, currently Chief Executive Officer Reinsurance EMEA, would lead P&C Re, while Paul Murray, currently CEO Reinsurance Asia Pacific, would lead L&H Re.
Moses Ojeisekhoba, currently CEO Reinsurance, would take over leadership of Global Clients and Solutions. This Business Unit would contain the client management teams servicing Swiss Re's global reinsurance clients, Public Sector Solutions, iptiQ and Reinsurance Solutions.
Corporate Solutions would continue as a Business Unit under the leadership of Andreas Berger.
Shares of Swiss Re closed Wednesday's trading at $26.05, down $0.06 or 0.23 percent from the previous close.
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