April 20, 2024 4:05 am
Berger Joins Mumenthaler as CEO in Swiss Re

Swiss Re, a leading global reinsurer, has appointed Andreas Berger as its new CEO. Berger will succeed Christian Mumenthaler in the role and assume responsibility in July 2023. Despite strong annual figures for 2023, which saw the company achieve a net profit of over $3 billion, Swiss Re’s share price has not performed as well as its competitors in recent years.

The reinsurer has faced challenges in previous years and fallen short of investor expectations multiple times. The resignation of Mumenthaler came as a surprise to many analysts, but it was expected given the mixed business performance in recent years. Simon Fössmeier, an analyst at Credit Suisse, noted that the change in leadership is necessary to avoid repeating past mistakes and to continue building on recent successes.

Berger is seen as the right leader to steer Swiss Re into its next phase of development by Jacques de Vaucleroy, vice president of the company’s board of directors. Berger currently heads the Corporate Solutions business unit at Swiss Re and has a background in management positions at various firms. His leadership is expected to be well-received by investors and analysts alike.

Georg Marti and Michael Klien from Zürcher Kantonalbank (ZKB) are among those who believe that Berger’s leadership will be successful under Swiss Re’s results-oriented approach. While there was initially a decline in the reinsurer’s share price following the announcement of his appointment, it quickly recovered due to positive market conditions. The upcoming change in chairman of the board of directors is also seen as part of Swiss Re’s ongoing realignment process, with de Vaucleroy likely to take over this role soon.

Swiss Re is looking forward to continued growth and development under new leadership with Berger at the helm. Ermotti has returned to UBS after his brief stint at Swiss Re, indicating that he remains focused on maintaining a results-oriented approach under new management.

In conclusion, the appointment of Andreas Berger as CEO marks an important milestone for Swiss Re’s future growth and development trajectory under new leadership with Ermotti returning to UBS after his brief stint at Swiss Re indicating he remains focused on maintaining a results-oriented approach under new management.

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