Jacques Aigrain, the chief executive of Zurich-based reinsurer Swiss Re, has resigned following the company's announcement that it expects to make a SFr 1 billion net loss for 2008.The losses included SFr 6 billion ($5.1 billion) of mark-to-market losses linked to its legacy securitisation portfolio, which included writedowns on structured credit and credit default swaps.
Swiss Re has named Stefan Lippe, currently deputy chief executive and chief operating officer, as Aigrain's successor. The appointment will take effect from today, but Aigrain will support the transition until February 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. Stefan Lippe has been the architect of Swiss Re's focus on disciplined, quality underwriting in the reinsurance business," commented Aigrain.
More on People
Community banking advisory committee names seven new members
Cornerstone builds commodity finance business by hiring Duncan Preston
Job changes in the derivatives, regulation and risk industry throughout Asia
Piterbarg departs, replaced by Marco Naldi; Traiana's Coyne-Solinger saga climaxes; BAML shakes up structured credit team; Tradition hires John Wilson
Sign up for Risk.net email alerts
Sponsored video: MarketAxess
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.