Heads roll at Swiss Re

Peter Forstmoser, chairman of Swiss Re, has resigned after the company’s disastrous results and been replaced by vice-chairman Walter Kielholz. Mathis Cabiallavetta steps in the vice-chairman’s role.

Peter Forstmoser said: “Swiss Re has set a new course for its future development. Therefore I have taken the decision to step down from my position one year earlier than planned. I’m pleased that Walter Kielholz has agreed to take on the Chairmanship. With Mathis Cabiallavetta as vice chairman, the chairmanship of the company will be further strengthened.”

The company says it will now:

• reduce significantly risks in the investment portfolio in order to protect the core business;
• ensure optimal capital management in order to satisfy increased demand from clients during this period of pronounced scarcity of financing in the global insurance sector;

Walter Kielholz said: “Swiss Re is a leader in the global market and has great potential. Even though the current results are disappointing, the core business is intact and its prospects are excellent. The company has highly qualified, committed employees.”

Kielholz added: “In view of the major challenges confronting us, I have decided to concentrate fully on the Swiss Re chairmanship and to relinquish this role at Credit Suisse. I look forward to working closely with Stefan Lippe, his management team as well as with Mathis Cabiallavetta and an experienced board of directors.”