Just a week after projecting annual loss on write-downs, diversified reinsurer Swiss Reinsurance Co. Ltd. (SWCEY.PK, SWCEF.PK), also known as Swiss Re, announced Thursday the resignation of Jacques Aigrain as its Chief Executive Officer. The company, in which billionaire Warren Buffett is expected to invest CHF 3 billion, named Stefan Lippe, currently Deputy CEO and Chief Operating Officer, as the successor, who will take over on February 18, 2009.
In his statement, Aigrain said, "Having taken measures to reinforce the Group's capital strength and further de-risk its investment portfolio, the interests of Swiss Re are now best served by a change in executive leadership."
Aigrain, a former JP Morgan & Chase banker joined Swiss Re in 2001 as the companys's Head Financial Services Business Group and Member of the Executive Board Committee. In August 2004, Aigrain was appointed as the Deputy CEO and later in January 2006, as the group's CEO.
The resignation follows after the reinsurer group said it expects a full-year net loss compared to prior year's profit, as strong underwriting performance and hedging program were offset by huge mark-to-market losses. Swiss Re now expects a net loss of about CHF 1 billion for the year, compared to prior year's net income of CHF 4.16 billion.
The group also estimated the shareholders' equity as of December 31, 2008 to be between CHF 19 billion and CHF 20 billion, sharply below last year's CHF 31.9 billion.
The Zurich, Switzerland-based company noted that its strong underwriting performance was offset by negative investment results primarily due to mark-to-market losses recognized in income and impairments on its investment portfolio that was partly counterbalanced by the company's hedging program.
In a bid to facilitate the turnaround, Swiss Re had also mentioned its plans to disband financial markets activities, with refocus on asset management. The company also expects to raise CHF 3 billion from billionaire Warren Buffett's Berkshire Hathaway Inc. (BRK-a), as a part of the measures. Lippe's promotion, including his recent stint as COO and Deputy CEO, comes after a steady career as a resinsurance expert within the group for 25 years. In 2005, the newly appointed CEO led Swiss Re's Property & Casualty along with Life & Health Underwriting activities. Earlier in 1995, Lippe was appointed as a member of the company's executive board and served as CEO of the Bavarian Re group for 10 years.
Swiss Re is scheduled to issue its fiscal 2008 results on Thursday, February 19.
SWCEY.PK closed Wednesday, at $16.27 on the OTC.
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