Swiss Re's CEO steps down after securitisation writedowns

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.

See also: Swiss Re seeks capital injection after securitisation hit
CDS losses hit Swiss Re

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