Swiss Re has made changes to its executive management with a focus on Reinsurance, Corporate Solutions and Admin Re segments, to strengthen the market presence, optimize operations and better align with client needs.
According to the Swiss Re, all three units will be represented by dedicated executive committee members. Swiss Re also appointed new chief operating officer, a new chief risk officer and a chairman Global Partnerships.
Christian Mumenthaler, currently head of the Life & Health (L&H) division, has been appointed chief marketing officer Reinsurance and member of the executive committee, effective 1 January 2011.
Most recently, Mumenthaler advanced Swiss Re’s capabilities in L&H and developed a strategy in the area of longevity. Till the appointment of new head of Life & Health, Mumenthaler will continue to lead the L&H business.
Agostino Galvagni, currently chief operating officer and member of the executive committee, has been appointed as CEO Corporate Solutions, a newly created position, effective 1 October 2010 and will remain member of the executive committee.
Prior to this, Galvagni was as chief operating officer responsible for the Insurance & Specialty division within Client Markets.
David Blumer, chief investment officer and member of the executive committee, will, in addition to his current role, assume responsibility for Admin Re, effective 1 October 2010.
In this extended capacity, Blumer will establish Admin Re as an integrated global business of Swiss Re.
David Cole has been named as new chief risk officer and member of the executive committee. He will join Swiss Re on 1 November 2010 to allow for a smooth transition. Cole will succeed Raj Singh, who is leaving the company.
Cole held various roles at ABN AMRO since 1999. In January 2006, he was appointed head of Group Risk Management for ABN AMRO Bank, and subsequently chief financial officer and chief risk officer in 2008.
Thomas Wellauer will become new chief operating officer and member of the executive committee, effective 1 October 2010.
Wellauer will oversee such operational functions as HR, IT, legal, communications and logistics. Earlier, he served as CEO of Credit Suisse Financial Services, CEO of Winterthur Insurance and member of the supervisory board at Munich Re. Most recently, he served as head of Corporate Affairs and member of the executive committee at Novartis.
Michel Lies, currently chief marketing officer and member of the executive committee, will, as of 1 January 2011, assume a newly created position as chairman Global Partnerships, reporting directly to the CEO.
Until year-end Lies will serve as chief marketing officer Reinsurance and will remain a member of the executive committee.
Lies will establish a network of client market advisors within Swiss Re to strengthen relationships in the public sector, government and NGO areas. He will also accelerate the company’s growth strategy in emerging markets. He will formally be stepping down from the executive committee on 31 December 2010.