Swiss Re’s Board of Directors appoints Stefan Lippe as new Chief Executive Officer

Swiss Re’s Board of Directors announced today that it has accepted the resignation of Jacques Aigrain as Chief Executive Officer, and has appointed Stefan Lippe (pictured), currently Deputy Chief Executive Officer and Chief Operating Officer, as his successor. Mr Aigrain will support the transition through 18 February 2009.

Jacques Aigrain commented: “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. Stefan Lippe has been the architect of Swiss Re‘s focus on disciplined, quality underwriting in the reinsurance business. I am proud to have had him by my side as a trusted colleague and wish him and the team the greatest of success for Swiss Re to shine anew.”

Stefan Lippe (53, German national) has a long and distinguished career as a reinsurance expert and has been with the Group for 25 years. He was appointed a member of Swiss Re’s Executive Board in 1995, and served for 10 years as Chief Executive Officer of the Bavarian Re group. In 2001, he was appointed as Head of the Property & Casualty business worldwide and as a member of the Executive Committee. Beginning in 2005, Stefan led Swiss Re’s Property & Casualty and Life & Health Underwriting activities, and in September 2008, assumed the role of Chief Operating Officer and was appointed Deputy Chief Executive Officer.

Peter Forstmoser, Chairman of the Board of Directors, said: ‘’We are very pleased that Stefan Lippe assumes the CEO position. His proven track record in reinsurance will support our efforts to focus on our core business, while at the same time ensuring
operational continuity. Stefan Lippe brings hands-on expertise, a clear strategic focus and a reputation for delivery of bottom-line results.’’ Mr Forstmoser further commented: ’’Jacques has been with Swiss Re for more than seven years in various functions.

Under his leadership, Swiss Re successfully completed several major acquisitions, including the Insurance Solutions operations from General Electric. Jacques reorganised the Group to be fully client-oriented and to better position the company to leverage its
global scale. The Board is tremendously grateful for his significant contributions and personal commitment to Swiss Re.’’

‘’I am clear about the challenges that Swiss Re needs to address,’’ said Stefan Lippe. “Our core re/insurance portfolio is sound. We are focused on meeting our clients’ needs, creating shareholder value and providing quality career opportunities in a stimulating business environment. I look forward to working closely with the Board, the executive team and the employees of Swiss Re in my new capacity.’’