Berlin, February 2 (Reuters) – Swiss Re in Switzerland (SRENH.S) It introduced that it’ll cut up its reinsurance enterprise into two components and function extra independently to extend effectivity.

On this division, the property and casualty reinsurance enterprise on the one hand and the life and well being reinsurance enterprise however will probably be impartial divisions with full authority over their respective underwriting and claims administration.

“The deliberate adjustments will emphasize efficiency accountability and ship distinct efficiencies. An easier setup with a shorter decision-making path may also improve consumer focus,” mentioned Chief Government Director Christian Mumenthaler mentioned.

Swiss Re mentioned it could switch the tasks of the group’s chief underwriting officer (CUO) to the CUOs of the 2 companies and the group’s danger administration division.

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The announcement comes per week after information that Swiss Re’s CUO Thierry Leger has stepped right down to grow to be CEO of rival Scor. (SCOR.PA).

The reorganization will take impact from April 3, the corporate mentioned, topic to regulatory approval.

Written by Miranda Murray and Maria Sheehan, edited by Rachel Extra

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