Swiss Re to split reinsurance unit in streamlining move

(Reuters) — Swiss Re on Thursday announced a reorganization that will split its reinsurance business into two parts that will operate with greater independence.

The property/casualty reinsurance business and the life/health reinsurance operations will become independent units with full authority over their respective underwriting and claims management. The company said the move would improve efficiency.

“The planned changes will emphasize performance accountabilities and bring clear efficiencies. The simpler set-up with shorter decision paths will also result in enhanced client focus,” CEO Christian Mumenthaler said.

Swiss Re will transfer the responsibilities of the group chief underwriting officer to the CUOs of the two businesses as well as to the group risk management division, it said.

The announcement comes a week after news that Swiss Re’s CUO Thierry Leger was stepping down to become CEO of rival Scor.

The reorganization will take effect April 3, subject to regulatory approvals, the company said.