Swiss Re appoints Agostino Galvagni as Chief Operating Officer - Swiss Re delivers against key priorities: focus on core business, reinforce financial strength and simplify the organisation

Swiss Re appoints Agostino Galvagni as Chief Operating Officer - Swiss Re delivers against key priorities: focus on core business, reinforce financial strength and simplify the organisation

Swiss Re announced today that it has named Agostino Galvagni as Chief Operating Officer and Member of the Executive Committee, effective 1 May 2009. To enhance the company’s leading position in the reinsurance sector, Swiss Re is taking steps to increase its focus on profitable core business and strengthen its capital position. Swiss Re will also accelerate efforts to simplify the organisation and improve operational effectiveness. As previously announced, this will lead to running cost reductions of CHF 400 million by the end of 2010.

Stefan Lippe, Swiss Re’s Chief Executive Officer, said: “Business focus and delivery of results have always been the hallmark of Agostino Galvagni, and we are delighted that he will strengthen our leadership team. He brings in-depth business and client servicing experience to this role. Agostino Galvagni will help to apply best practice in staying client focused, while we are accelerating our plan to build a stronger firm.”

In line with Swiss Re’s focus on profitable core (re)insurance business, the company will continue to explore opportunities to free up capital in order to deploy it to the most profitable business segments. At the same time, Swiss Re will concentrate on conservatively managing the assets generated through (re)insurance activities and continue de-risking the investment portfolio.

Swiss Re has reinforced its financial strength with the capital measures approved by Swiss Re’s shareholders on 13 March 2009.

Swiss Re accelerates its efforts to simplify the organisation and to improve operational effectiveness, resulting in significant cost savings. To this end, the company will streamline the worldwide office network. Swiss Re will operate through offices that are solely dedicated to servicing clients and will further consolidate support resources into fewer locations in order to achieve economies of scale.

Swiss Re intends to reduce its current global headcount of 11 560 by approximately 10% over the next twelve months. Any reductions will be undertaken in compliance with applicable laws and regulations.

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