Swiss Re’s chief underwriting officer to exit

Swiss Re Ltd. on Thursday said that Matthias Weber will step down as group chief underwriting officer, effective June 30, to “begin a new chapter in his life.”

Mr. Weber, 56, who has been with the reinsurer for 25 years and accepted his current position in April 2012, will be succeeded by Edouard Schmid, currently head of property/specialty reinsurance, Swiss Re said in an announcement included in its annual results report.

"We very much regret Matthias Weber's decision, but we respect his desire to focus on his family after such a successful career,” Swiss Re Chairman Walter B. Kielholz said in a statement. “We will miss his experience and guidance as a member of the group executive committee, but look forward to continuing our relationship in whatever form suits him.”

Mr. Kielholz said Mr. Schmid, who has been with the reinsurer since 1991 and is based in Zurich, “has broad underwriting experience across various lines of business, in varied markets and in both Reinsurance and Corporate Solutions. This exceptional track record makes him the ideal candidate to step into Matthias Weber's shoes."

No replacement has been named yet for Mr. Schmid, a Zurich spokesman said.