Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Swiss Re chairman resigns

ZURICH, March 9 – Peter Forstmoser, the chairman of the world\’s biggest reinsurer Swiss Re, has resigned, the group said on Monday, as part of a reorganisation that focuses on cutting risks in its investment portfolio.

Forstmoser will be replaced by the group\’s vice-chairman and chairman of Credit Suisse, Walter Kielholz.

The reorganisation at Swiss Re has in turn prompted a management reshuffle at Credit Suisse.

The bank announced on Monday that Kielholz has stepped down from his post heading the bank\’s board in order to focus on his role at the reinsurer.

Hans-Ulrich Doerig, currently vice-chairman of the bank, has been nominated to replace Kielholz as chairman of Credit Suisse.

Switzerland\’s biggest financial institutions have announced major management reshuffles this year after the country\’s biggest bank UBS and Swiss Re posted unprecedented annual losses due to the US subprime home crisis and ensuing global credit crunch.

UBS has announced the replacement of its chief executive officer and chairman.

Swiss Re\’s chief executive Jacques Aigrain also resigned in February when the group posted its biggest annual loss of 864 million Swiss francs for 2008 as earnings were hit by investment losses.

Aigrain was widely blamed for having led the reinsurer into the risky world of investment banking after he was appointed in January 2006.

Advertisement. Scroll to continue reading.

On Monday, Swiss Re said its reorganisation aimed to "reduce significantly risks in the investment portfolio in order to protect the core business."

In addition, it is seeking to "ensure optimal capital management in order to satisfy increased demand from clients during this period of pronounced scarcity of financing in the global insurance sector."

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...