Swiss Re will disband the Life Capital unit after the divestment of Reassure. The head of the unit will remain on the executive board of the reinsurance giant and take on a new role.
Zurich-based Swiss Re is currently implementing the transaction of Reassure, which is being sold to Phoenix Group, with the completion expected for the third quarter. Once Reassure has left, Swiss Re will disband the Life Capital division, it said in a statement on Friday.
Thierry Léger, the head of the division, will however stay on the executive committee of Swiss Re, because he will assume the position as chief underwriting officer.
Léger succeeds Edi Schmid, who has decided to step down from the committee for personal reasons and take on an advisory role. Léger has been leading the Life Capital since its creation in January 2016. He joined Swiss Re as an engineering underwriter in property and casualty in 1997.
Further Streamlining in the Pipeline
Elipslife, one of the two other units in Life Capital, will move to corporate solutions and services, while digital insurance platform Iptiq will become a standalone division reporting to the group CEO.
Swiss Re also said it will continue the process of assessing the legal entity structure of the group with a view to further streamline the business.
