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Berger Joins Mumenthaler as CEO in Swiss Re

Swiss Re is on track to have Andreas Berger take over as CEO, succeeding Christian Mumenthaler despite the strong annual figures for 2023. The reinsurer’s share price has not performed as well as its competitors in recent years. Berger, who currently heads the Corporate Solutions business unit at Swiss Re, will assume the role of CEO in July this year. With a background in management positions at various firms, Berger is seen as the right leader to steer Swiss Re into its next phase of development, according to Jacques de Vaucleroy, vice president of the Swiss Re board of directors.

The departure of Mumenthaler is expected to occur regardless of the upcoming change in chairman of the board of directors, with de Vaucleroy likely taking over. The resignation of Mumenthaler has come as a surprise, but analysts like Simon Fössmeier note that it was expected at some point given the mixed business performance in recent years. The company had faced challenges and fallen short of investor expectations multiple times. However, in 2023, Swiss Re posted strong annual figures for the first time in a while and achieved a net profit over $3 billion as promised by Mumenthaler.

The appointment of Berger is viewed as a positive move by analysts like Georg Marti and Michael Klien from Zürcher Kantonalbank (ZKB), who believe that his leadership will be well-received by the market. Despite a decline in Swiss Re’s share price following the announcement, the company is benefitting from a positive market environment and is focused on maintaining a results-oriented approach under new leadership. Ermotti’s return to UBS after a brief stint at Swiss Re further emphasizes this focus on growth and development for Swiss Re.

The change in leadership is viewed as an opportunity for Swiss Re to avoid repeating past mistakes and to continue building on recent successes under new leadership. With Ermotti back at UBS and focusing on results-oriented growth strategies, Swiss Re will be able to leverage its strengths and capitalize on opportunities presented by the market.

In conclusion, Andreas Berger’s appointment as CEO marks an important milestone for Swiss Re as it moves forward into its next phase of development under new leadership. The company has shown strong signs of growth and success in recent years and will continue building on this momentum with Berger leading the way.

By Samantha Jones

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