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
Chief economist moves to oil giant
UK regulator announces three appointments to expand management capacity
Spencer Dale will join oil giant in October as chief economist
Yates leaves Citi to become CEO of Two Sigma Securities in September
Sign up for Risk.net email alerts
Nominated for two technology awards
Nominated for post trade technology award
Sponsored webinar: Collateral and counterparty tracking
Isda directors warn on fragmentation, access and liquidity - but expect problems to pass
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.