Swiss Re AG Chief Executive Officer Christian Mumenthaler is stepping down after a quarter of a century at the world’s second-largest reinsurer.
Mumenthaler, 54, who spent the last eight years in charge of the Zurich-based company, will stay on until July 1, according to a statement on Wednesday. The firm has appointed Andreas Berger to take over as Group CEO.
Berger, 57, joined Swiss Re in March 2019 as head of the corporate solutions unit and member of the executive committee. Before that, he held leadership positions at Boston Consulting Group Inc, and Allianz SE.
Jacques de Vaucleroy, Swiss Re’s Vice Chairman of the Board of Directors, said: “The Board unanimously determined that Andreas Berger is the right person to build on the firm’s current momentum and lead Swiss Re into the next phase of its development. After five years with Swiss Re, he looks back on a convincing track record, underscored by the successful turnaround of the Corporate Solutions Business Unit he has led. He has demonstrated a strong focus on execution while at the same time innovating the business with data analytics-based solutions. He will carry forward a culture of performance and achievements and strong leadership values. The Board’s thorough succession planning process has resulted in the appointment of an outstanding candidate for the role of Group CEO while it has also demonstrated the strength and depth of Swiss Re’s leadership talent.”
He continued: “Christian Mumenthaler steered the company through a period with elevated natural catastrophe activity, an unprecedented low interest rate environment and the COVID-19 pandemic. During his eight-year tenure, Swiss Re’s premiums earned and fee income grew from around USD 30 billion in 2015 to USD 45 billion in 2023 and Group capitalisation was also strengthened substantially, as evidenced by the increased Swiss Solvency Test ratio. With the tailwind of delivering on all 2023 financial targets, a dividend increase, and the positive effects of Group reorganisation coming through, now is the right moment for CEO succession. Christian is an incredibly dedicated, passionate, and intellectually strong leader who has made an impact, also beyond Swiss Re. On behalf of the Board, I want to express gratitude and appreciation for his strong commitment and his contributions to the success of the firm. We wish him all the best.”
Christian Mumenthaler said: “It has been a true privilege to serve and lead Swiss Re for so long. I am immensely thankful for the experience and for the progress the entire company has made during this time, rallying so much outstanding talent behind a meaningful purpose. I am pleased to be handing over the helm when the company has been able to deliver on its promises. I feel now is the right moment for me to move on. It is fantastic that we appoint one of my colleagues to succeed me. With Andreas, Swiss Re will be in good hands.”
Andreas Berger said: “I am honoured by the Board’s decision to appoint me to lead this great company. Swiss Re has an outstanding global client franchise across Reinsurance and Corporate Solutions, underpinned by the incredibly strong Swiss Re brand and capital position. I’m looking forward to working with all my colleagues on the Group Executive Committee, Swiss Re’s employees and the Board of Directors to further strengthen this franchise and serve Swiss Re’s clients to achieve their goals.”
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